The median age of first-time homebuyers has reached unprecedented heights, largely due to inflated home prices and persistent mortgage rates, compounded by increasing student debt. Over the past three decades, student loan burdens rose significantly, making homeownership less attainable for many. While efforts to expand forgiveness programs under the Biden Administration are promising, recent announcements from the Trump Administration threaten to dismantle these advancements. The growing concern is that without substantial relief, many young people may remain locked out of homeownership, further stymieing the housing market.
Forgiveness programs give borrowers the ability to plan their finances toward homeownership as they have a clearer picture of when their student loan debt will no longer be a factor in their monthly expenses.
While the higher incomes of college grads have buoyed some borrowers into homebuying, it hasn't been enough to lift an entire generation into the American dream.
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