Are you concerned about the future of Boston condominium sales? The amount of debt being accumulated to acquire a college degree is mind-boggling.
Let’s say a student has about $40,000 in debt, this is nearly enough for a 20% down payment on a median-priced home. $40,000 in debt can be seen as the average amount of debt a student racks up from college.
Fortunately, these debts don’t prevent homeownership entirely. By the time that college graduates hit their 30s, the homeownership rate is almost identical to those who did not take out college loans. Still, many recent graduates prioritizing paying off their student loans over saving money for a down payment. Many want to get the debt off their back prior to adding the debt of buying a home. This has delayed young homeowners from joining the market.
In the short run, a bachelor’s degree pushes back the time frame of becoming a Boston Seaport condo owner. In the long run, a bachelor’s degree increases the chances of actually becoming a homeowner.
If you are a millennial who is focusing on paying off your student loans, you are one of many. Get together with a Ford Realty agent to discuss if waiting to enter the housing market is really the best choice for you.