RICHMOND, Va. (WWBT) - The rise of student debt is making home ownership more of a dream than a reality.
Clever Real Estate surveyed 1,000 students and found almost half are putting off home ownership once they graduate by almost seven years because of loan debt.
Fifty-three percent of millennials expect to become homeowners by age 36, but realistically only 37% will own homes at all, based on historical trends.
And get this -- most kids leave college with an average of $37,000 in debt according to the latest figures from the Federal Reserve.
So, what you can do for your young kids now? Talk to them about how much college really costs.
Try to steer them away from personal loans and have them stick to grants and scholarships and federal assistance.
And encourage your kids to consider much more affordable community college first, and then transferring after a year or two.
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