How will Pres. Biden’s student loan forgiveness plan impact the Boston condo market?
One in eight people across the county has student loan debt, including one in two millennials. There are more student loan debt holders than there are people in Canada.
A $10,000 student loan forgiveness program is not universally loved by economists, but, if implemented, there are positive implications for the Boston condo market.
Should Pres. Biden student debt forgiveness be enacted That forgiveness would lower monthly loan payments, freeing up money to be spent in the economy, put toward other debt, or saved for a Boston condo for sale.
Boston condo prices would rise
Boston condo prices would rise, as those who are now renting because they were unable to save for a down-payment on a Boston condo can now enter the housing market.
From another housing point of view, those who might already be able to buy a home, the additional cash on hand, from the loan forgiveness, could bulk up their existing down payments and qualify them for a more expensive home.
Boston Real Estate Blog Updated 2022
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