The era of unusually affordable housing has ended, leaving many debt-burdened Americans struggling to afford housing.
This lack of affordability has especially impacted America’s first-time buyers, many who tend to fit in the Millennial category.
With more than $1.5 trillion in student loan debt, new LendingTree research shows an overwhelming majority of first-time homebuyers are considering purchasing “fixer-upper” homes to combat costs.
In fact, 88% of homebuyers that are grappling with student loan debt are now more likely to consider a “fixer-upper” home, according to the online lending marketplace’s data.
“Buyers paying off a student loan balance are more likely to consider purchasing a fixer-upper house than those with other kinds of debt, including personal loans, auto loans and credit cards,” LendingTree writes. “More than a quarter of homebuyers without debt don’t want to purchase a home that requires significant renovations or repairs.”
Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.