"Student loans are going to be yet another hurdle for the housing market to overcome," Palacios said. "Faced with mounting student loan debt, poor job prospects and stagnant wages, an increasing number of people aged 25 to 34 have moved back in with their parents." According to John Burns, almost 6 million 25- to 34-year-olds now live with mom and dad. This number is up 26% from 2007."
"The current rate of homeownership rate for this demographic stands at a 10-year low for under 30s. The rate for 30- to 34-year-olds is even worse, at its lowest rate in 17 years. "The debt load is so high, and the job outlook so bleak, that student loan default rates have almost doubled," he wrote in a note to clients. "With the economy little improved since 2009 default rates are bound to rise further.""
"This number is greater than all credit card debt outstanding, and second only to mortgages in terms of total national debt."
No comments:
Post a Comment