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March 20.2020
New York’s Millennial Homeowners and Where to Find Them
Bargains abound for first-time buyers, but few young people qualify for them. This is how and where they’re making it work.
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December 19.2019
How Student Loan Debt Is Affecting NYC Real Estate
More than 44 million Americans hold nearly $1.5 trillion in student debt, and that debt is affecting the decision of millennials to buy homes.
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recent press
December 19.2019
How Student Loan Debt Is Affecting NYC Real Estate

More than 44 million Americans hold nearly $1.5 trillion in student debt, and that debt is affecting the decision of millennials to buy homes.

Student loan company SoFi recently polled more than 1,000 millennials between the ages of 22 and 35 across the U.S. and found that 61% said they have delayed buying a home because of their student loan debt.

Similarly, a resounding 70% of respondents said they didn't believe believe the benefits of living in a high-cost city like San Francisco or New York City outweighed the cost of living. Julie Gans, an agent with Compass, says buying a co-op in New York City, which is generally more affordable than a condo, can be very difficult with debt.

"In the New York City market, unless the person is making a very large salary, it tends to be hard to purchase a co-op becauseco-ops like to see a healthy income to debt ratio," Gans says. "So having large student debt sometimes makes it impossible to buy in the New York market."

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