Home prices will continue to rise into 2018. Zillow predicts that the median home price in the U.S. will grow by $6,275 over the next year, and homebuyers will need to save up to $394 more per month to keep pace.
“It’s a moving-target kind of problem,” Skylar Olsen, a senior economist at Zillow, told MarketWatch. “That’s thousands of dollars extra just to keep up with what home values are doing, regardless of whether you had anything saved in the first place.”
Young adults who don’t already own homes are delaying purchasing one for a median of seven years, according to a recent joint study on millennial student debt from the National Association of Realtors and education financing nonprofit American Student Assistance ... Altogether, 83 percent of non-home owners said they believe that student loan debt has delayed them from buying a home, according to the survey of 2,203 student loan borrowers.
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