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A record high number of American renters — about 21.3 million — are devoting 30 percent or more of their income to paying rent, according to the annual State of the Nation’s Housing report from Harvard University’s Joint Center for Housing Studies. What’s more, 11 million renters in 2014 paid at least half of their income toward housing costs, which marked another record high, the report shows. Most financial experts say consumers shouldn’t pay more than 30 percent of their monthly income for housing costs.

Rents, however, have been rising faster than wages for years now. “When you have to dedicate such a high proportion of your income to rent every month, it forces you to make difficult decisions,” says Dan McCue, a senior research associate at Harvard’s Joint Center. “It means spending less on essentials like food, clothing, and health care, as well as less opportunity to save for a down payment on a home or plan for retirement.”

In 2015, the median rent for a new apartment was $1,381, according to the report. That means a renter would need to earn at least $55,000 a year to afford the rent. Yet on average, renters earn about $34,000 a year — so for them, an affordable rent would be closer to $850.

Source: Harvard University’s Joint Center for Housing Studies and “11 Million Americans Spend Half Their Income on Rent,” CNNMoney (June 22, 2016)
A record high number of American renters — about 21.3 million — are devoting 30 percent or more of their income to paying rent, according to the annual State of the Nation's Housing report from Harvard University's Joint Center for Housing Studies. What's more, 11 million renters in 2014 paid at least half
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Eighty percent of baby boomers recently surveyed by AARP say they want to stay in their own home as they age.

In fact, by market level, baby boomers in Houston; Lansing, Mich.; and Tallahassee, Fla. prove to be the most adamant about aging-in-place, with 87 percent of residents saying they don’t want to move, according to AARP’s survey of residents age 50 and older in 11 metros across the country.

That said, looking at the markets evaluated, there are a few motivators that may make boomers think otherwise. In particular, many baby boomers said they’d be willing to move for functional or economic benefits.

Around 51 percent of respondents said they’d move from their current home if they found a home that would allow them to live independently as they age. Forty-nine percent also reported being swayed by moving to either a larger or smaller home.

Being close to family was less of a motivating factor for many boomers, just 35 percent said that was a major reason why they would move. Also, communal features such as public transportation and advanced health facilities aren’t big motivators either, at 21 percent and 20 percent respectively.

By market level, Washington County, Ore., respondents are most swayed by independent living features and moving to a different size of home. In Brownsville, Texas, baby boomers are most tempted by keeping close family ties as a reason to move. In Lansing and Philadelphia, baby boomers say they’d be more willing to move if they could lower their financial burden.

Source: “AARP: Most Boomers Want to Stay Put, But Active,” BUILDER (June 17, 2016)
Eighty percent of baby boomers recently surveyed by AARP say they want to stay in their own home as they age. In fact, by market level, baby boomers in Houston; Lansing, Mich.; and Tallahassee, Fla. prove to be the most adamant about aging-in-place, with 87 percent of residents saying they don't want
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WASHINGTON – June 20, 2016 – High levels of student loan debt are not to blame for the drop in the homeownership rate among younger demographics, according to a new report.

Researcher Susan Dynarskly, a senior fellow with the Brookings Institute and a University of Michigan economics professor, discounts prior studies that have suggested a correlation between the two.

In her study, she pulled Federal Reserve data and compares those with no college, those with college but no student debt, and those with college and student debt. She found college degrees and the earnings premiums that come with them, build assets that help people buy homes. The findings appear in the Brookings’ Evidence Speaks series, “The Haves and Have-Nots in Homeownership: It’s Education, Not Student Debt.”

Dynarskly says that, prior to the Great Recession, 35 percent of young people with a college education and no student loan debt owned a home. That compares to only 23 percent of those without a college education. By 2010 however, 26 percent of those with a college education (and no student debt) owned a home compared to 17 percent of those without a college education.

Dynarskly acknowledges that those who went to college and accrued student loan debt tend to have a slower start to homeownership. She says that is likely because the loan payments add to the monthly debt ratio in qualifying for a mortgage.

Those without a college degree were more likely to own a home at an earlier age than those who went to college and have student debt because they had been working since high school and settled down earlier, Dynarskly says. Their college-educated counterparts, on the other hand, delayed entering the labor force due to college. But by age 27, the college-educated tend to catch up, she notes. What’s more, by age 35, those with a college degree lead the homeownership pack by about 14 percentage points.

Student loan debt has been increasing. The typical undergraduate borrower with a BA has a debt of $30,000 and owes $350 a month or $4,200 a year. That said, they tend to earn higher salaries than those without a college degree.

“The college-educated – even those with student debt – are winners in our economy,” Dynarskly says.

Source: “The Dividing Line Between Haves and Have-Nots in Homeownership: Education, Not Student Debt,” Brookings Institute (May 3, 2016) and “Survey Says: Homeownership Rate Not Hurt by Student Loan Factor,” RISMedia (May 3, 2016)
WASHINGTON – June 20, 2016 – High levels of student loan debt are not to blame for the drop in the homeownership rate among younger demographics, according to a new report. Researcher Susan Dynarskly, a senior fellow with the Brookings Institute and a University of Michigan economics professor, discounts prior studies that
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Fannie Mae’s Home Purchase Sentiment Index zoomed to an all-time high in May as consumers get more upbeat about their paychecks and home selling. In May, the index reached a reading of 85.3, which follows an 18-month low reached in March.

Three of six components the index measures registered increases last month, led by a 7 percentage point increase in the number of consumers reporting significantly higher income than a year ago. Also, the number of consumers who expect home prices to increase over the next 12 months rose 5 percentage points. Consumers were also upbeat that mortgage rates would decrease over the next year as well.

That said, the index indicator on whether it’s a “good time to buy” dropped 1 percentage point to an all-time survey low in May.

“Continued home price appreciation has been squeezing housing affordability, driving a two-year downward trend in the share of consumers who think it’s a good time to buy a home,” says Doug Duncan, senior vice president and chief economist at Fannie Mae. “The current low mortgage rate environment has helped ease this pressure, and fewer than half of consumers expect rates to go up in the next year. While the May increase in income growth perceptions could provide further support to prospective home buyers as the spring/summer homebuying season gains momentum, the effect may be muted by May’s discouraging jobs report.”

Here’s a closer look at additional findings from Fannie Mae’s latest index reading:

29 percent of Americans say now is a good time to buy a home, a drop of 1 percentage point from March and an all-time survey low for the second consecutive month.
52 percent of consumers believe now is a good time to sell a home – an all-time survey high.
42 percent of Americans believe that home prices will go up.
72 percent of Americans say they are not concerned with losing their job, a drop of 2 percentage points from March.
18 percent of Americans say their household income is significantly higher than it was a year ago, up 7 percentage points from March and at an all-time survey high.

Source: Fannie Mae
Fannie Mae’s Home Purchase Sentiment Index zoomed to an all-time high in May as consumers get more upbeat about their paychecks and home selling. In May, the index reached a reading of 85.3, which follows an 18-month low reached in March. Three of six components the index measures registered increases last month,
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WASHINGTON (AP) – June 16, 2016 – Long-term U.S. mortgage rates fell this week for a second straight week amid continued global economic concerns.

Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage dipped to 3.54 percent from 3.60 percent last week. That is well below its level a year ago of 4.00 percent.

The average rate on 15-year fixed-rate mortgages declined to 2.81 percent from 2.87 percent.

Deepening doubt about the strength of the U.S. economy and concern that Britons could vote to leave the European Union in a referendum next week are stoking the malaise.

Worries over a possible British exit from the 28-nation bloc helped depress the U.S. stock market for five straight days. Proponents of Britain remaining in the EU say a vote to leave could bring economic calamity to the country. It likely would roil global markets.

Bond prices have remained high, keeping yields low. Bond investors say the uncertainty about the expected close British vote has forced European investors to buy up U.S. government bonds in a search for security, pushing bond yields to their lowest levels in years.

Mortgage rates often move in sync with long-term bond yields. The yield on the benchmark 10-year Treasury note dropped to 1.57 percent Wednesday from 1.70 percent a week earlier. It fell further to 1.52 percent Thursday morning.

As expected, the Federal Reserve’s policymakers decided at their meeting this week to keep interest rates unchanged at 0.25 percent to 0.50 percent. In their announcement Wednesday, the Fed officials said that while U.S. economic activity continues to strengthen, “the pace of improvement in the labor market has slowed,” a reference to employment reports for April and May that were weaker than expected.

To calculate average mortgage rates, Freddie Mac surveys lenders across the country at the beginning of each week. The average doesn’t include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1 percent of the loan amount.

The average fee for a 30-year mortgage was unchanged from last week at 0.5 point. The fee for a 15-year loan also was steady at 0.5 point.

Rates on adjustable five-year mortgages averaged 2.74 percent this week, down from 2.82 percent last week. The fee remained at 0.5 percent.
WASHINGTON (AP) – June 16, 2016 – Long-term U.S. mortgage rates fell this week for a second straight week amid continued global economic concerns. Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage dipped to 3.54 percent from 3.60 percent last week. That is well below its level a year
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NASHVILLE, Tenn. – June 14, 2016 – A woman in Nashville ran into an unusual problem after buying her first home: The seller now refuses to leave.

“It’s been a nightmare,” Tamara Holloway told News 2 in Nashville. “The seller has essentially pirated my house.

Holloway closed on the home on June 1, and nothing in the contract empowers the seller to stay past that date. But Justin McCrory, the home seller, says he’s lived in the property four years and doesn’t plan to leave.

“The transaction went through and they’re getting a good clean property,” McCrory told reporters. “What’s the problem? … I technically don’t have to go anywhere. They’d have to evict me and they’re not having that.”

Holloway filed a detainer warrant last week – the first step of the eviction process in Tennessee. Signature Title Services says the processor for the closing also wrote to McCrory and told him to vacate the property.

So far, McCrory hasn’t left.

The Greater Nashville Association of Realtors® urged Tennessee buyers to make sure they get the house keys at closing. Holloway did not. Also, make sure to work with the seller’s Realtor. McCrory didn’t have one.

“Make sure your Realtor understands that it’s a ‘for sale by owner’ and can work with that other party to make sure things like this don’t slip through the cracks,” said GNAR President Denise Creswell.

Source: “Nashville Woman Buys Home; Seller Won’t Move Out,” KRQE News 13 (June 11, 2016)
NASHVILLE, Tenn. – June 14, 2016 – A woman in Nashville ran into an unusual problem after buying her first home: The seller now refuses to leave. "It's been a nightmare," Tamara Holloway told News 2 in Nashville. "The seller has essentially pirated my house. Holloway closed on the home on
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All major U.S. regions except the Midwest saw an uptick in existing-home sales last month, the National Association of REALTORS® reported Wednesday. As tight inventories continue to plague many markets, the median sales price for all housing types climbed to an all-time high of $239,700 in May — up 4.7 percent from a year earlier — as buyer demand outweighs housing supply.

Total existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased 1.8 percent month-over-month to a seasonally adjusted annual rate of 5.53 million in May. Sales are now up 4.5 percent from a year ago and are at the highest annual pace since February 2007. This is the third consecutive month for gains in existing-home sales.

“This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more home owners realizing the equity they’ve accumulated in recent years and finally deciding to trade up or downsize,” says Lawrence Yun, NAR’s chief economist. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”

Yun says sales likely will maintain their current pace throughout the summer, assuming there are no further decreases in job growth that could prompt a pause among repeat buyers.

Here’s a closer look at how existing-home sales performed in May, according to NAR’s latest housing report:

• Home prices: The median existing-home price for all housing types was $239,700 in May, up 4.7 percent from a year ago. That also surpasses the previous peak in median sales prices of $236,300, set last June.

• Days on the market: Properties spent less time on the market in May, selling, on average, after 32 days. That’s below the average time on market a year ago (40 days) and the shortest time since NAR began tracking such data in May 2011. Forty-nine percent of homes sold in May were on the market for less than a month, also the highest percentage since May 2011. Short sales were on the market the longest, at a median of 103 days in May, while foreclosures sold in 51 days. Non-distressed homes took 30 days.

• Housing inventories: Total housing inventory at the end of May increased 1.4 percent month-over-month to 2.15 million existing homes for sale. That is 5.7 percent lower than a year ago. At the current sales pace, unsold inventory represents a 4.7-month supply.
“Existing inventory remains subdued throughout much of the country and continues to lag even last year’s deficient amount,” says Yun. “While new-home construction has thankfully crept higher so far this year, there’s still a glaring need for even more, to help alleviate the supply pressures that are severely limiting choices and pushing prices out of reach for plenty of prospective first-time buyers.”

• All-cash sales: Buyers paying in cash accounted for 22 percent of all transactions in May, down from 24 percent a year ago. Individual investors account for the biggest bulk of all-cash sales. Investors purchased 13 percent of homes in May, down from 14 percent a year ago.

• Distressed sales: Foreclosures and short sales dropped to 6 percent of all sales last month, down from 10 percent a year ago. Foreclosures comprised 5 percent of sales in May while short sales represented 1 percent of sales. On average, foreclosures sold for a discount of 12 percent below market value while short sales were discounted 11 percent.

Regional Snapshot

Here’s how existing-home sales fared across the country in May:

• Northeast: existing-home sales rose 4.1 percent to an annual rate of 770,000, and are now 11.6 percent above a year ago. Median price: $268,600, which is 0.1 percent below May 2015.

• Midwest: existing-home sales fell 6.5 percent to an annual rate of 1.3 million in May but are still 3.2 percent higher than a year ago. Median price: $190,000, up 4.8 percent from a year ago.

• South: existing-home sales rose 4.6 percent to an annual rate of 2.28 million in May and are now 6.5 percent above a year ago. Median price: $211,500, up 5.9 percent from a year ago.

• West: existing-home sales climbed 5.4 percent to an annual rate of 1.18 million in May but are still 1.7 percent lower than a year ago. Median price: $346,900, which is 7.7 percent above a year ago.

Source: National Association of REALTORS®
DAILY REAL ESTATE NEWS | WEDNESDAY, JUNE 22, 2016 All major U.S. regions except the Midwest saw an uptick in existing-home sales last month, the National Association of REALTORS® reported Wednesday. As tight inventories continue to plague many markets, the median sales price for all housing types climbed to an all-time high
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EMERYVILLE, Calif. – June 20, 2016 – As housing prices climb, seniors wanting to save money are on the lookout for roommates. The trend is especially catching on among single senior women.

“Senior housing organizations across the nation are reporting a surge in demand from the young and old alike to move into the spare rooms of lonely and often lower-income elderly homeowners,” realtor.com® reports. “This provides the homeowners with the money and companionship they need to maintain and manage to stay in their homes, instead of moving in with family or into a nursing home.”

Linda Hoffman, president of the New York Foundation for Senior Citizens, says the trend is creating affordable housing and preventing homelessness among the senior population.

The New York Foundation for Senior Citizens has a database that tries to match house hunters and seniors. When a match is made, the parties meet with a social worker, chat on the phone and then have an in-person meeting to see if there’s a connection.

“It’s like a date,” Hoffman says of the initial meeting.

The New York Foundation for Senior Citizens places about 80 to 100 people annually. Hoffman says that as monthly rents rise, demand for a roommate is rising too.

About 43 percent of Americans over the age of 45 surveyed say they would get a roommate to help out with chores, according to a 2014 AARP survey of more than 1,000 participants. What’s more, 26 percent said they would move in with a roommate in order to supplement their income.

Source: “Seniors Seeking Roommates: ‘Golden Girls,’ Please Apply,” realtor.com® (June 15, 2016)
EMERYVILLE, Calif. – June 20, 2016 – As housing prices climb, seniors wanting to save money are on the lookout for roommates. The trend is especially catching on among single senior women. "Senior housing organizations across the nation are reporting a surge in demand from the young and old alike to move
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NEW YORK – June 20, 2016 – The housing recovery had been long delayed and has so far been relatively healthy, but irregular and more moderate than typical, according to Fitch Ratings. Challenges remain, including restrictive credit qualification standards and narrowing affordability.

Various housing and related statistics bottomed in early to mid-2009. Since then, for a time, the on-and-off, then on-again nature of the federal housing credit spurred, or at least pulled forward, primarily entry-level buyer housing demand.

With the U.S. economy moving from recession to expansion in third-quarter 2009, plus very attractive housing affordability and government incentives, housing was jump-started. However, faltering consumer confidence, among other issues, had largely restrained the recovery. New home sales and single-family starts retested the bottom during the summer of 2010 and in February 2011.

During second-half 2013, the sharp rise in home prices and interest rates and the government impasse over the budget and debt ceiling led many prospective homebuyers to take a careful stance in the shorter term. Consumer caution and poor weather from early in the year restrained the gain in housing metrics in 2014. The growth in starts, especially single-family, was more robust in 2015.

During its early and intermediate stages, the housing recovery has been and may continue to appear saw-toothed due to a number of factors. Loan modifications sometimes fail, while the sometimes erratic economy produces additional new foreclosures and indecisive buyers. Realized demand is restrained by an irregular supply of homes and buyers adjusting to higher home prices and irregular spikes in interest rates.

Poor quality job creation, tight Fannie Mae/Freddie Mac loan standards (debt/income ratios, payment histories of revolving debt and borrowers who have gone through foreclosure) and strict Federal Housing Administration (FHA) loan standards (high minimum credit scores for certain new borrowers and, until recently, hefty upfront cash requirements) were notable impediments in the middle stages of the upcycle.

However, some loosening of qualifications for Fannie Mae/Freddie Mac and FHA loans were put in place during 2015 and 2016.

President Obama’s initiatives to keep people in their homes through mortgage refinancing and modification gained some traction during the past four years but clearly did not perform at their potential.

Lenders have been relatively slow or reluctant to cooperate with the federal agencies. In any case, data suggest that even after modifications, including a reduction in the principal amount owed, a sizable minority of homeowners default again.

However, the expansion and enhancement of the Home Affordable Refinance Program and extension of the Home Affordable Modification Program led to broader loan modifications, and may further delay or prevent some foreclosures.

Analysts say they believe this year looks to be another year of expansion for housing. If mortgage rates should rise sharply from current levels or credit terms tighten further, then Fitch’s housing forecast for 2016 could turn more pessimistic. Of course, should the economy experience another recession, the housing downturn would resume.

In addition, although housing inventories seem to be relatively slim, an economy slipping into recession could inflame issues, such as negative buyer psychology and home price erosion relatively quickly, which can lead to a falloff in demand and bloated inventories.

For the full report, “What Investors Want to Know: Under One Roof – U.S. Housing Forum 2016,” go to: www.fitchratings.com.

Source: Business Wire 2016.
NEW YORK – June 20, 2016 – The housing recovery had been long delayed and has so far been relatively healthy, but irregular and more moderate than typical, according to Fitch Ratings. Challenges remain, including restrictive credit qualification standards and narrowing affordability. Various housing and related statistics bottomed in early to mid-2009.
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The number of luxury homes for sale is growing, and that is unlocking some deals for potential buyers, The Wall Street Journal reports.

Indeed, inventory of homes priced between $500,000 to $750,000 increased nearly 16 percent in March compared to a year ago, according to data from NAR. What’s more, inventory for real estate priced more than $1 million increased 12.6 percent year-over-year.

As more expensive homes linger on the market, buyers are finding more bargaining power.

For sellers, this may be a tough realization that the power is shifting. Shannon Baird, a broker with Living Room Realty in Portland, Ore., says that a major challenge is changing the mindset of home sellers who are hearing news of quick sales and bidding wars. But that’s not the case in the upper price bracket in many markets.

Stock market volatility has made some wealthy buyers more cautious to jump into a big home purchase at the moment. Also, fewer foreign buyers are on the market as the dollar strengthens, says Lawrence Yun, NAR’s chief economist.

“The stock market has come back up, but we don’t know yet if that means the upper-end home buying market will begin to return,” Yun says.

Source: “Lagging Demand for Luxury Homes May Mean Deals for Buyers,” The Wall Street Journal (June 15, 2016)
The number of luxury homes for sale is growing, and that is unlocking some deals for potential buyers, The Wall Street Journal reports. Indeed, inventory of homes priced between $500,000 to $750,000 increased nearly 16 percent in March compared to a year ago, according to data from NAR. What’s more, inventory for
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ORLANDO, Fla. – June 16, 2016 – In some cities, buyers are happy with their new home – and so happy with their city that they don’t want to leave for vacation. In the age of the “staycation,” an awesome city is another listing perk.

WalletHub analyzed 150 of the largest cities on 28 metrics, including price and recreation opportunities, to identify the top American staycation spot, and four Florida cities made the top 10 list.

Top U.S. staycation cities

Orlando
Fort Lauderdale
Tampa
Salt Lake City, Utah
Scottsdale, Ariz.
Atlanta, Ga.
Las Vegas, Nev.
Minneapolis, Minn.
St. Petersburg
Honolulu, Hawaii
WalletHub posted a complete list of all 150 cities and their staycation rank on its website.

Source: “2016’s Best & Worst Cities for Staycations,” WalletHub (2016)
ORLANDO, Fla. – June 16, 2016 – In some cities, buyers are happy with their new home – and so happy with their city that they don't want to leave for vacation. In the age of the "staycation," an awesome city is another listing perk. WalletHub analyzed 150 of the largest cities
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WASHINGTON – June 14, 2016 – Seventy-one percent of non-homeowners repaying their student loans on time believe their debt is stymieing their ability to purchase a home – and slightly over half say they expect that delay to be longer than five years, according to a joint survey released by the National Association of Realtors® (NAR) and SALT, a consumer literacy program provided by nonprofit American Student Assistance.

The results also found that student debt caused four in 10 borrowers to delay moving out of a family member’s household after college graduation.

“Realtors® work closely with our clients and consumers everyday; we understand the severity of the problem. This is not an abstract issue for us,” says NAR Vice President Sherri Meadows, a Realtor from Ocala, Fla. and 2014 president of Florida Realtors. “This is why Realtors are leading the real estate industry in the discussion of student loan debt and its impact on housing by generating the most encompassing research on this topic.

The full report is available on NAR’s website.

Broken down by generation and debt amount, the problem is greatest among older millennials aged 26 to 35 (79 percent) and those with $70,000 to $100,000 in total debt. Regardless of the outright amount of student debt, more than half of non-homeowners in each generation report that it’s postponing their ability to buy.

The survey only polled student debt holders current in their repayment. Those polled had varying amounts of debt, and most came from attendance at a four-year public or private college. Overall, 43 percent had between $10,001 and $40,000 in student debt, while 38 percent had $50,000 or more. The most common debt amount was $20,000 to $30,000.

The survey brings to light the magnitude student debt has on the housing market – even those people who are financially able to make on-time payments, says NAR Chief Economist Lawrence Yun. While a college degree increases the likelihood of stable employment and income, many graduating with this debt are putting homeownership on the backburner in part because of the multiple years it takes to pay off their student loans at an interest rate that’s oftentimes nearly double current mortgage rates.

“Along with rent, a car payment and other large monthly expenses that can squeeze a household’s budget, paying a few hundred dollars every month on a student loan equates to thousands of dollars over several years that could otherwise go towards saving for a home purchase, says Yun.

Among non-homeowners who believe student debt is delaying their ability to buy – over three-quarters overall and 80 percent of millennials – most said the problem is saving enough for a downpayment. But 69 percent don’t feel financially secure enough to buy, and 63 percent can’t qualify for a mortgage because of high debt-to-income ratios.

Of those who say student debt has delayed homeownership, 52 percent believe the delay will be longer than five years. Those with higher amounts of student loan debt and those with lower incomes anticipate the longest delay.

Student debt and leaving the nest

Mirroring other recent data on young Americans being more likely to live with their parents than in any other living situations, almost half (46 percent) of young millennials polled currently live with family, and 42 percent say that living arrangement is due to student debt.

Older millennials who graduated college during the Great Recession when jobs were scare reported the longest stays with their parents. Of those who graduated six to 10 years ago, 33 percent said it took more than two years to move out of a family home.

“Add in the detrimental effects of low inventory, as well as rents and home price growth outpacing wages, and it’s mainly why the share of first-time buyers remains at its lowest point in nearly three decades,” says Yun.

Student debt holding back some would-be sellers

The survey also found that student debt is affecting overall housing supply by holding back some current homeowners who otherwise would like to sell. Nearly a third of current homeowners (31 percent) said their student debt is postponing them from selling their home and purchasing a new one.

Of those, 18 percent believe it’s too expensive to move and upgrade to a new home, 7 percent have problems with their credit caused by student loan debt, and 6 percent are underwater because student debt limited their ability to pay more than the minimum payment on their mortgage.

Source: © 2016 Florida Realtors®
WASHINGTON – June 14, 2016 – Seventy-one percent of non-homeowners repaying their student loans on time believe their debt is stymieing their ability to purchase a home – and slightly over half say they expect that delay to be longer than five years, according to a joint survey released by the National Association
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