WASHINGTON–The single biggest expense standing between many people and buying a home? Not surprisingly, for many it’s student debt—but that isn’t just applicable to people in their twenties.
In fact, new research has found student debit issues are even being cited by people older than 60.
In its new “Home Buyer and Seller Generational Trends Report 2017,” the National Association of Realtors said it has found student debt is the single biggest hurdle among all buyers, with 49% of those surveyed identifying it as the expense that most delayed their home purchase financing. Credit-card debt was the second most-cited expense, with 40% saying it as the biggest obstacle (it’s the number-one expense for those 36 and younger).
Seven percent of Americans between 62 and 70 also said student debt remains a burden. It is believed that many of those in this age bracket actually were co-signers on debt, although an increasing number of older Americans have returned to school.
In 2016, 25% of respondents of all ages had some student debt, and that ticked up to 27% in 2017, according to the NAR.
The survey found that Generation X – those born between 1965 and 1979 – were more likely to have bought homes as home prices ballooned, and then watched as their home equity burst. They were also most likely to have sold a distressed property, which signals they are the most likely to have run into distress with a property they own, the NAR said.
The NAR survey found Gen-Xers are also the generation for whom debt delayed a home purchase the longest, and the age group with the most student debt, with an average $30,000.