For many millennials, the idea of homeownership is still a big picture dream, with a new study saying 89 percent plan to purchase a home in the future — but simply can't because of student debt.
According to a recent study released by Apartment List, 6,400 millennial renters nationwide were surveyed in regards to their plan for owning a home. Despite the majority of young people wanting to migrate away from renting, 48 percent have nothing saved for a down payment.
One of the leading reasons, according to Apartment List, is because of the staggering amount of student loan debt many millennials carry.
"Student debt is keeping homeownership out of reach for many millennials," the authors of the study wrote. "We estimate that 23 percent of college graduates without student debt can save enough for a down payment within the next five years, compared to just 12 percent of college graduates who are currently paying off student loans."