Many younger Americans are pushing homeownership down their list of priorities as they struggle to find any spare money to save for a down payment.
That’s a key finding of a survey by NeighborWorks America which found that 34% said paying off their student loan debt is their biggest financial priority and 31% want to eliminate their credit card debt.
Figures from the Federal Bank of New York put average undergraduate student loan debt at $28,650 in 2017.
“We understand young adults struggle with student loans and other obstacles to buying a home and to financial well-being. If they visit a financial coach early in their professional lives, they can navigate their financial lives responsibly,” saidNeighborWorks America President and CEO Marietta Rodriguez.
One-third of Americans surveyed said they are likely to seek out help about homeownership over the next year or two, down significantly from 2018, when more than 50% said the same.
Overall, 70% of the 1,000 surveyed called the home buying process complicated, but believe owning a home increases financial stability (77%) and they would feel less successful (52%) if they never purchase their own place, down from 60% in 2018.
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