College Debt Slows Homeownership

College-related debt is preventing many aspiring homeowners from purchasing a home, according to a new study by Neighbor Works America, a Washington, D.C.-based nonprofit. The average student loan debt in the U.S. is$29,400, a figure that is expected to rise. The Neighbor Works report noted that49 percent of Americans who have student loan debt consider their college loans the primary obstacle to buying a home, even greater than “lack of a down payment” and”lack of job security.” Women are especially affected, as they represent 58 percent of all student loan debt holders. “Earning a post secondary degree is increasingly critical in the United States, but student debt is preventing some Americans from purchasing a home and fully fulfilling this ‘American Dream’ aspiration,” said Chuck Wehrwein, chief executive at Neighbor Works America.

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