Home ownership among 28-30 year olds has fallen 8 percentage points in 8 years
The New York Fed is out with a report that looks at US student debt and the numbers are terrifying.
Student debt rose to $1.2 in 2016 and it's risen 333% since 2004, up from $360 billion. Nearly half of 25-year-olds have student debt.
What's interesting is that despite rising tuition costs, students aren't finding alternatives to a college education.
"As college costs increase, American students do not forego education, but instead amass more debt," the report says.
As those students age, they are less likely to buy a house. Up to 35% of the dip in housing among those with student debt is due to higher debt loads, the study says.
Whether it's housing, consumption or career-risk aversion, the legacy of saddling a generation with crippling student debt as they start their adult lives is a nightmare that will be a drag on the economy for years.
