Millennials increasingly face a difficult decision: pay off student loans or buy a home. That's because doing both is increasingly impossible.
Thanks to soaring college costs starting in the early 2000s, millennials, more than any other generation, were forced to take out massive student loans to pay for their degrees. A decade or so later, they're still not in the black. In fact, student loans currently account for roughly $1.4 trillion of U.S. debt. Today, about one in four millennials has some form of student debt, according to Pew, with those holding a bachelor's degrees carrying about $25,000. And some, of course, have more, even, in some cases, hundreds of thousands of dollars in debt they fear they'll never be able to repay.
That level of student loan debt is not only causing financial stress — it's also keeping millennials from becoming home-owners, which denies them long-term stability and wealth they could eventually pass on to their own children.