LendingTree: Student loan debt is driving Millennials to buy fixer-upper homes

88% of homebuyers with student loan debt consider purchasing a fixer-upper

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.”

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