NASHVILLE, Tenn. (WTVF) — As President Biden's student loan relief program is in limbo in the courts, people are thinking about what they will do if at least part of their loans are forgiven, and for many millennials, that is buying a house.
Financial and housing experts said loan forgiveness will make the housing market more equitable despite those higher interest rates we've been talking so much about.
According to a study done by Rocket Mortgage, nearly 40 percent of millennials who took out student loans have never had the opportunity to own a home.
This study considers millennials to be people between 26 and 41 years old.
About 70 percent of millennial borrowers surveyed who intended to buy their first home within ten years, said they believe they could buy one within three years with student loan forgiveness.
According to the U.S. Census Bureau, about 57 percent of millennial borrowers own a home, and the majority of those people are still making payments on student loans.
Rocket Mortgage said loan forgiveness will also make the housing market more competitive though, especially for mid-range priced homes between $200,000 and $400,000.
