Having a College Degree Might Make it Harder to Buy a Home

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13855784355_447b9c3280_zA new study from Trulia shows that those with a college degree are not saving up for their 20% down payment on their first house any faster than those without a college degree.

“In those markets, a household with a college degree isn’t making that much more than a household without,” said Ralph McLaughlin, Trulia’s housing economist. “The burden that student debt brings to a household with a college degree makes it slower to save for a down payment.”

A home is the biggest purchase most people will make, and there’s been a lack of buying activity among Millennials. Student loan debt tends to get blamed. While going to college usually means higher lifetime earnings, hefty student loans can erode savings and make it harder to accumulate a down payment.

Find out more at CNN Money.

Photo courtesy of: American Advisors Group