JCHS tabulations of Federal Reserve Board, Survey of Consumer Finances.

In Texas, the average debt is $26,292 and 56 percent of residents hold student loan debt. But one company found a way to make it go away faster.

In 1995, about a quarter of adults aged 20-29 had student loan debt. In 2016, it had increased to 47 percent. The percentage who had less than $10,000 went from 16 to 12 percent, while those owing $10,000 to $24,999 rose from 8 percent to 15 percent. Former students owing $25,000 to $49,999 also jumped from two percent to 12 percent and those owing over $50,000 from one percent to eight.

We also know that it takes the average college-educated person with student loan debt until around age 35 to reach the homeownership rates of their peers without debt. Student loan debt is one of the biggest reasons the Millennial generation took so long to purchase a home. And what about Generation Z, whose oldest have just drank their first legal beer while waiting for their even larger student loans to come due?

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Another day, another article about what Millennials are — or are not — up to. With housing affordability looming as a constant concern, it comes as no surprise that Millennials find themselves profoundly affected. They’re feeling the pinch, even in Dallas where housing remains more within reach than in many areas of the country.

A recent report on Millennial home buying power by ABODO.com looks at the shrinking number of 18  to 35 year olds able to afford homes. It also analyzes where Millennials have the best chances of buying a home, and the kinds of homes they can afford.

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Millennial Homebuyers

Millennial Homebuyers are missing from the market, but Austin and Dallas may be better values first-time homebuyers in this generation over San Antonio and Houston.

Where are all the first-time homebuyers? In their cozy rentals, that’s where!

With a market almost completely devoid of newby buyers, and the rental market being as competitive as it is (just ask my friend looking for a single-family home in East Dallas!), and prices going up across all segments, it’s just hard to find a place to put your leather couch and Le Creuset stock pot. Millennials hold a lot of potential when it comes to real estate purchases, but where can the find the best value? Is it San Antonio and Houston?

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