For Buyers Only Realty

  • Home
  • City Search
    • St Augustine
    • Anastasia Island
    • Vilano Beach
    • Saint Johns
    • Ponte Vedra/Nocatee
    • Ponte Vedra Beach
  • Neighborhoods
    • St Augustine
      • St Augustine NW 32092
        • SilverLeaf
        • SR 16 or Pacetti Road Area
          • Arbor Mill
          • Wards Creek at Arbor Mill
          • Ashley Oaks
          • Gran Lake
          • Grand Oaks
          • Murabella
          • Park Place
          • Trailmark
          • Samara Lakes
          • Sevilla
          • Tomoka Pines
          • Windward Ranch
        • 210 Corridor
          • Johns Creek
          • Shearwater
          • St Johns Golf and Country Club
          • Stonehurst
        • World Golf Village
          • Isles of The World in World Golf Village
          • Cottages at Glenmoor in World Golf Village
          • Greenside at World Golf Village
          • King and Bear in World Golf Village
          • Legacy Trail in World Golf Village
        • Near The River on SR 13
          • Heritage Landing
          • Colee Cove Landing
          • Riverdale
      • St Augustine NE 32095
        • Bannon Lakes
        • Beacon Lake
        • Chasewood
        • Coastal Village
        • Creekside At Twin Creeks
        • Istoria
        • Las Calinas
        • Madeira
        • Markland
        • Palencia
        • Sandy Creek
      • St Augustine South 32086
        • A-K
          • Andalusia
          • Arbors at Valencia
          • Ashby Landing
          • Castine Cove
          • Coronado
          • Crescent Key
          • Deerfield Meadows
          • Deerfield Preserve
          • Entrada
          • Heartwood
          • Governors Plantation
          • Kings Trace
        • L-Z
          • Lakewood Pointe
          • Moses Creek
          • Moultrie Woods
          • Oakbrook
          • Rock Springs Farms
          • Sawmill Landing
          • San Savino
          • St Augustine Shores
          • Sea Pines
          • Treaty Oaks
          • Villages of Valencia
        • Townhomes and Condos
          • Cypress Bay Townhomes
          • Grand Ravine Condos
      • St Augustine Central 32084
        • Coquina Ridge
        • Heritage Park
        • Olde Florida
        • Old Sebastian Point
        • Prairie Lakes
        • Royal St Augustine
        • San Salito
        • Sebastian Cove
        • Villa Calissa Harbour Residences
      • Active Adult 55+
        • Bridge Bay At Bannon Lakes
        • San Salito Freedom
        • Parkland Preserve
        • Villages of Seloy
        • Cascades in World Golf Village
        • Reverie at Trailmark
    • Saint Johns 32259
      • A – L
        • Aberdeen
        • Bartram Plantation
        • Bayside
        • Beachwalk
        • Celestina
        • Cimarrone
        • The Colony At Greenbriar
        • Cunningham Creek
        • Durbin Creek Estates
        • Durbin Crossing
        • Julington Creek
        • Julington Lakes
      • M – Z
        • Magnolia Preserve
        • Mill Creek Plantation
        • Oak Harbour
        • Oxford Estates
        • Preserve at St Johns
        • Reserve At Greenbriar
        • River Oaks
        • Rivertown
        • Riverside At Rivertown
        • St Johns Forest
        • Stone Creek
        • Whitelock Farms
        • Worthington Park
      • Active Adult 55+
        • WaterSong at RiverTown
    • Nocatee/ Ponte Vedra
      • Twenty Mile
        • Twenty Mile Village
        • The Island
        • The Colony
        • The Crossing
        • The Hammock
        • The Ranch
        • The Junction
        • The Outlook
        • The Pointe
        • The Settlement
        • The Vista
      • Town Center
        • Addison Park
        • Siena
        • Lakeside
        • The Enclave
        • Daniel Park
      • Crosswater Village
        • Heritage Trace
        • Liberty Cove
        • Freedom Landing
        • Pioneer Village
      • Greenleaf
        • Greenleaf Village
        • Greenleaf Lakes
        • Greenleaf Preserve
      • Coastal Oaks
      • Active Adult 55+
        • Artisan Lakes
        • The Villas
        • Del Webb Ponte Vedra SFH
        • Del Webb Ponte Vedra (Condos)
        • Del Webb Nocatee
      • Duval County
        • Cypress Trails
        • The Palms
        • Timberland Ridge
      • Townhomes
        • Oakwood at Nocatee
        • The Palms Townhomes
        • Tidewater
      • Austin Park
      • Brookwood
      • Kelly Pointe
      • Willowcove
    • Anastasia Island
      • West of A1A
        • Gated
          • Casa Bay
          • Espanita
          • Island Cottages
          • Lions Gate Patio Homes
          • Marsh Creek Golf and Country Club
          • Matanzas Cut
          • Ocean Cay
          • Ocean Palms
          • Ocean Trace
          • Pelican Reef
          • Seagate Patio Homes
        • Non-gated
          • Anastasia Lakes
          • Davis Shores
          • Antigua
          • Cedar Ridge Patio Homes
          • Commodores Club
          • Ocean Grove
          • SeaGrove
          • Sea View
      • East of A1A
        • Gated
          • Anastasia Dunes
          • Island Hammock
          • Ocean Ridge
          • Summer Island
        • Non-gated
          • Coquina Gables
          • Magnolia Dunes
          • Cortez On The Water
      • St Augustine Beach
      • Butler Beach
      • Treasure Beach
      • Crescent Beach
    • Ponte Vedra Beach 32082
      • Golf Communities
        • Marsh Landing Country Club
        • Plantation At Ponte Vedra
        • Sawgrass
      • Eagles Cove
      • Estates at Dolphin Cove
      • Eventide
      • The Palms At Old Ponte Vedra
      • Preserve At Ponte Vedra Lakes
      • Plantation Oaks
      • Avalon
      • East Coast Canal
      • Odoms Mill
    • South Ponte Vedra Beach
      • Goodwin Beach
      • Oceans Edge
      • Isla Verde Beach
      • Guana Landing
    • Vilano Beach
      • Surfside
      • Turtle Shores
      • Villages of Vilano
    • 3+ Car Garage Homes
    • Pool Homes
  • NEW CONSTRUCTION
    • New Construction Search
    • New Construction Map Search
    • Don’t Fill Out That Registration Card!
  • >> Read This First <<
  • EZ Searches
    • Just Listed!
      • Just Listed In Last 24 Hours – St Johns County
      • Just Listed This Week In Ponte Vedra/Nocatee
      • Just Listed This Week In St Johns Florida
      • Just Listed This Week In St Augustine
      • Just Listed This Week in Ponte Vedra Beach
    • Search By Price
    • Search By Zip Code
    • New Construction Map Search
    • 3+ Car Garage Homes
    • Pool Homes
    • Golf Course Homes
    • Active Adult Communities
    • Luxury Homes
    • Map Search
    • Advanced Search
    • Get Property Alerts
  • Blogs
    • Blog
    • YouTube Channel
  • Resources
    • Relocation
    • First Time Homebuyer Course
    • Flood Zone Locator
    • Property Appraiser
    • Tax Estimator
    • School Attendance Zone Locator
    • St Johns County Schools
    • School Grades
  • Reviews
    • Zillow Reviews
    • Google Reviews
  • About Us
    • Meet Sharon and Dwight
    • The Biggest Mistake Most Home Buyers Make
    • YouTube Channel
    • Don’t Call The Sellers Realtor!
  • Contact
  • 904-687-5220

Nocatee

Saint Johns

St Augustine

Ponte Vedra Beach

Is Student Loan Debt A Threat to Homeownership? No!

January 30, 2019 By For Buyers Only Realty St Augustine

Is Student Loan Debt A Threat to Homeownership? No! | MyKCM

Over the course of the last thirty years, a shift has happened. An entire generation has been raised to believe that a college education is their key to unlocking opportunities that were not available to their parent’s or grandparent’s generations.

Due to this, student loan debt has soared to $1.5 trillion and represents the largest category of debt, surpassing credit card and auto loan debt in 2010 and never looking back. As more and more Americans continue their education amongst rising tuition costs, this number will no doubt increase.

Many housing experts have blamed student loans for a drop in the homeownership rate for young families, and to an extent, they’ve been right. Increased debt at the time of graduation has no doubt limited young people from being able to afford a home at the same rate as their parents or grandparents did at the same age.

In a recent Forbes article, the author explained that “in just the class of 2017, the average student has about $40,000 in debt — almost enough for a 20% down payment on a median-priced home.”

The Federal Reserve set out to determine exactly how much impact student loan debt has had on the homeownership rate of those 18-34 (millennials). Their results found that,

“Every $1,000 in student loan debt delays homeownership by about 2.5 months, but it doesn’t prevent homeownership entirely.

 In fact, by the time college grads reach their 30s, those with student loan debt have a homeownership rate nearly identical to those who didn’t take out loans.” (emphasis added)

In the Wall Street Journal’s coverage of the Fed report, they found that recent graduates prioritize paying off their student loans over saving for a down payment, despite their desire to be a homeowner. Many with debt want to “get that monkey off (their) back (before they) make any new investments.”

This has just delayed the wave of young home buyers from hitting the market. But as Danielle Hale, the Chief Economist at realtor.com warns,

“2020 will be peak millennial, the year when the largest number of millennials will turn 30.”

 By age 30, those who attained a bachelor’s degree right after high school will be one or two years away from paying off their loans and will have been in their career long enough to earn a higher salary.

In the long run, research shows that attaining a bachelor’s degree or more actually increases the chances that someone will become a homeowner.

Bottom Line

If you are one of the many millennials who has prioritized paying down your student loans over saving for a down payment, you’re not alone. Even if you are a couple years away from paying off your loans, let’s get together to help you determine if waiting really is the best decision for you!

Whether buying your first home or your fifth, having a buyer’s agent who is an expert in their market on your side is your best bet to make sure the process goes smoothly. Let’s talk about how we can make your dreams of homeownership a reality here in St Johns County Florida (serving St Augustine, Nocatee and Ponte Vedra, Ponte Vedra Beach and St Johns)!

Give us a call today and we will be happy to put you on the track of a new home here in St Augustine, St Johns, Nocatee or Ponte Vedra. For Buyers Only Realty is the oldest and most respected Exclusive Buyer’s Agents in Northeast Florida. 100% Buyer Representation at no cost to you! We are the Wife-Husband team of Dedicated Buyer’s Agents!

Call Sharon Stevens at 904-687-5220 or Dwight Cole at 904-466-4630

Filed Under: The Home Buying Process

Recent Posts

  • St Johns County Building Going Strong Despite COVID-19; 4/13/20
  • Rock Springs Farm; a new community in Southern St Johns County 4/11/20
  • A Local Real Estate Update as it relates to COVID-19 Concerns 4/5/20
  • Deadline Approaches To File For Your Homestead Exemption!
  • 2/22/19 The Ella Coastal by Mattamy Homes at Beacon Lake
  • 2/15/19 The Salinas by Riverside Homes in Madeira
  • Panama Hatties Is Rising Like A Phoenix!
  • 2/9/19 Have A Large Family? A Beautiful 5BR/4Bath Home In Shearwater!
  • The Top 10 Things You Need To Know Before Purchasing Your New Home
  • 2/2/19 A Charming Little Home On The Water in Villages of Valencia

Categories

  • Builder Inventory Home
  • Buyer's Agent
  • Fun Stuff Around Town
  • New Construction
  • Nocatee and Ponte Vedra
  • Real Estate Market
  • Reviews
  • St Augustine
  • St Johns
  • The Home Buying Process
  • Uncategorized
  *    *  246 Pescado Drive, St Augustine, FL 32095  *  Ph: +1-904-687-5220  *  email [email protected]
IDX Logo Property information is not guaranteed. © {{{current_year}}} MLS and FBS. Prepared by Northeast Florida MLS, Inc. on {{{last_update_dt}}} 12:00AM. The information on this sheet has been made available by the MLS and may not be the listing of the provider.
IDX information provided courtesy of the St. Augustine & St. Johns County Multiple Listing Services, Inc. IDX information is provided exclusively for consumers' personal, non-commercial use, and it may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. The data is deemed reliable, but is not guaranteed accurate by the MLS.
Listing Data last updated: 27th February, 2021 04:00 MST
Service by Buying Buddy IDX CRM
Equal Housing
Blue Fire Group    Real Estate Websites
© 2021 Copyright
LAC
My Buying Buddy    Powered By MyBuyingBuddy ®