As the housing market continues to improve, there is a certain segment of the population that seems to be somewhat left out. Those who reached early adulthood around the year 2000, or millennials, are that segment and they are facing quite a few road blocks when it comes to buying a home.
Unfortunately, there seems to be a one-two punch working against this younger generation. The combination of a weakened job market and higher levels of debt has prevented many of this generation from achieving the American dream.
The hardest hit are college graduates. Many of them have substantial student loan debt which works against these young buyers when lenders are calculating their debt to income ratio. Additionally, exorbitant student loans create an opportunity for missed payments or late payments which negatively impact a buyer’s credit score.
It feels counterintuitive to me. Shouldn’t we be rewarding a generation of Americans…
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