We all know that the cost of college is steadily rising, perhaps faster than anything else we spend our money on. Despite that fact, Americans overwhelming opt to get a degree. So what does that mean for our economy?
New data proves that because of the rising cost of college, and the subsequent increase in student debt among graduates, fewer young people are purchasing homes than ever before. Home ownership among people in their 20s dropped to 21% last year, a decline of 35% from just ten years ago.
When graduates leave school with debt, they are less likely to spend money on big ticket items early in their professional lives. And this has had a negative impact on the housing market. For the full story, read this article from CNN Money.