Keeping Current Matters May 15, 2025
Buyer
Did you know? According to a recent study, 72% of people with student loans think their debt will delay their ability to buy a home. Maybe you’re one of them and you're wondering:
Having questions like these is normal, especially when you’re thinking about making such a big purchase. But you should know, you may be putting your homeownership goals on the backburner unnecessarily.
In the simplest sense, what you want to know is can you still buy your first home if you have student debt. Here’s what Yahoo Finance says:
" . . . student loans don’t have to get in your way when it comes to becoming a homeowner. With the right approach and an understanding of how debt impacts your home-buying options, buying a house when you have student loans is possible."
And the data backs this up. An annual report from the National Association of Realtors (NAR), shows that 32% of first-time buyers had student loan debt (see graph below):
While everyone’s situation is unique, your goal may be more doable than you realize. Plenty of people with student loans have been able to qualify for and buy a home. Let that reassure you that it is still possible, even as a first-time buyer. And just in case it’s helpful to know, the median student loan debt was $30,000. As an article from Chase says:
“It’s important to note that student loans usually don’t affect your ability to qualify for a mortgage any differently than other types of debt you have on your credit report, such as credit card debt and auto loans.”
If your income is steady and your overall finances are solid, homeownership can still be within reach. So, having student loans doesn’t necessarily mean you have to wait to buy a home.
Having student loans doesn’t mean buying a home is off the table. Before you count yourself out, talk to a lender to get a clearer picture of what you can afford and how close you are to taking the first step toward homeownership.
Stay up to date on the latest real estate trends.
Seller
June 17, 2025
Selling your house without an agent as a “For Sale by Owner” (FSBO) may be something you’ve considered.
Buyer
June 17, 2025
Home inspections may seem like yet another barrier standing between you and your dream home, but skipping the step can have major consequences.
Buyer
June 16, 2025
Rising home prices and mortgage rates are putting dreams of homeownership out of reach for many.
Buyer
June 16, 2025
Have you been holding off on downsizing?
Seller
June 15, 2025
When your house doesn’t sell, it doesn’t just feel frustrating – it feels personal.
Buyer
June 15, 2025
Real estate investors accounted for 10.8% of home sellers in 2024, a record high level, according to a new data report from Realtor.com.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today