Financeography - At the beginning of 2016, the home ownership rate for those 30 and under sat at about 27.7%, the lowest it has been in decades. On the other hand, student loan debt rose to $1.2 trillion, though it has already surpassed the $1.3 trillion mark earlier this year. In a development which should surprise nobody, there seems to be a pretty clear correlation between the growing student loan debt Americans hold and the under 30 home ownership rate.
Between 2005 and 2015, those under 30 went from owning their home at
about a 34.5% rate down to 27.7%. Over the same decade, we went from
owing $350 billion in student loans to over $1.3 trillion by the end of
the first half of 2016. It’s likely that graduates coming out of school
with a significant amount of debt are putting on buying homes out of
necessity, at least for several years after they are done with college.