CNN Money
Becoming a homeowner requires a lot of cash, but a college degree can sometimes make it harder.
In 30 of the top 100 markets in the country, saving for a 20% down payment is faster without a college degree, according to a new study from Trulia.
“In those markets, a household with a college degree isn’t making that much more than a household without,” said Ralph McLaughlin, Trulia’s housing economist. “The burden that student debt brings to a household with a college degree makes it slower to save for a down payment.”
A home is the biggest purchase most people will make, and there’s been a lack of buying activity among Millennials. Student loan debt tends to get blamed. While going to college usually means higher lifetime earnings, hefty student loans can erode savings and make it harder to accumulate a down payment.
