Six in 10 millennials who don’t own a home say it’s because of student loan debt, according to a 2021 survey from the National Association of Realtors. College costs skyrocketed in the last two decades.
to see how federal student loan forgiveness could boost U.S. homeownership rates, particularly among Black Americans.
Because Black Americans have historically been unable to build wealth as easily as their non-Black counterparts, they’re relying more on loans to obtain big-ticket items like higher education and homeownership. Higher student loan payments and interest rates hinder their ability to buy a home and can trap them in a cycle of inequality. In August 2022, the Biden administration announced it would forgive $10,000 in student loan debt, affecting about 43 million borrowers.
The federal government paused federal student loan payments during the pandemic, which set interest rates at 0% and allowed borrowers to skip loan payments without the risk of late fees or default. This policyBlack and Hispanic students are more likely to have student loan debtwhen paying for higher education. The report found that Black American households cannot build wealth at the same rate as non-Black households.
Hispanic Americans also experience a wealth gap, which fuels the need to take out more in student loans, . Many Hispanic Americans are also first-generation college students, which can make it difficult for them to navigate the financial aid system.The Black homeownership rate lags considerably behind white Americans and has declined by nearly 1 percentage point since 2010, according to the
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