According to a survey conducted by Legal & General, a UK-based financial services firm, young people feel locked out of buying a home due to student loan debt.
According to the company, one-third of US-based millennials who are not homeowners think student loan debt is a barrier to saving for a home down payment.
The result is in line with a survey done in June of 2016 by the National Association of Realtors, which found that 34% of young people said the debt impacted their decision to buy a home.
According to the Federal Reserve, Americans owe over a trillion dollars in student loans. According to CollegeBoard data, US student loan debt averaged about $28,400 in 2020, but the study found that the average for the generation was $38,877.
The survey said that the first generation to have their backs up against the wall was theMillennials.
The US is home to 72 million people who were born between 1981 and 1996. Many of them were graduating from college when the Great Recession began.
A survey by Legal & General found that 23% of the US's young people felt impacted by student loan debt. Saving for a down payment was the top priority for 45% of those surveyed, but 26% said they would first pay off their student loans.
According to the report, those who don't have access to financial help from their families are less likely to accumulate wealth through property ownership.
The American Dream got a lot harder when the younger generation came of age, it said.