{"id":15807,"date":"2016-02-01T14:21:41","date_gmt":"2016-02-01T19:21:41","guid":{"rendered":"https:\/\/orlandorealtyconsultants.com\/?p=15807"},"modified":"2022-04-21T17:38:12","modified_gmt":"2022-04-21T17:38:12","slug":"student-debt-crushing-dreams-of-homeownership","status":"publish","type":"post","link":"https:\/\/orlandorealtyconsultants.com\/es\/student-debt-crushing-dreams-of-homeownership\/","title":{"rendered":"Student Debt Crushing Dreams Of Homeownership"},"content":{"rendered":"

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Just a decade ago, twenty-somethings were buying homes in Orlando<\/a> at a much higher rate than is the case today. Much of the reason for this is the amount of student debt that most college students have accumulated during their education.<\/p>\n\n\n\n

To make things worse, many college grads struggle with finding a good-paying job in their field. They end up having to settle for a position in which they are overqualified and underpaid.<\/p>\n\n\n\n

Student debt in the US is also at an all-time high which is one of the main reasons we see fewer and fewer people in their young to mid-twenties borrowing money to buy homes.<\/p>\n\n\n\n

Dennis Carlson the chief economist at Equifax, found that in 2004 students under the age of 30 in the US had over 146 billion dollars in student loan debt, by 2014 the amount of student debt was over 369 billion dollars\u2026. that’s more than double the amount!<\/p>\n\n\n\n

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The Equifax data also revealed that there is a definite correlation between income and the rate of student loan delinquency. People making less than 30k per year are most likely to default on their loan payments. As you could probably guess, the rate of delinquency gets reduced as yearly income increases. This shocking piece of data demonstrates the amount of strain that student debt places on these young Americans right at the start of their careers.<\/p>\n\n\n\n

Although having a steady job helps, the data also shows that these young workers struggle in making their payments as late as 4 years into their careers.<\/p>\n\n\n\n

In a recent survey, renters were asked why they didn\u2019t want to purchase a home, the number one answer has they already had too much debt and they didn\u2019t have enough money saved.<\/p>\n\n\n\n

Don’t Buy If You’re Not Ready<\/h4>\n\n\n\n

Working as an Agente inmobiliario en Orlando<\/a>, I try to advise my clients to do what’s best for them. If I think someone’s not ready for homeownership, I won’t hesitate to let them know even when it means losing a buyer. Worrying if you’re going to make enough money to cover the next mortgage payment must be an awful feeling. Homeownership is a huge responsibility and If you’re not ready to buy, then don’t buy! The last thing you want is to set yourself up for failure.<\/p>\n\n\n\n

<\/p>","protected":false},"excerpt":{"rendered":"

Just a decade ago, twenty-somethings were buying homes in Orlando at a much higher rate than is the case today. Much of the reason for this is the amount of student debt that most college students have accumulated during their education. To make things worse, many college grads struggle with finding a good-paying job in their field. […]<\/p>\n","protected":false},"author":4,"featured_media":22905,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[7,4,5],"tags":[],"class_list":["post-15807","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-news-and-information","category-orlando-real-estate"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t