This year's survey provides additional information to why there are fewer first time buyers entering the market. First time buyers reported that debt (student loans) delayed saving for a down payment for an average of three years, and among the 25 percent who said saving was the most difficult task, a majority (58 percent) said student loans delayed saving.
With a median amount of student loan debt for all buyers at $25,000, it's likely some younger households with even higher levels of debt can't save for an adequate down payment or have decided to delay buying until their debt is at a more comfortable level. The data comes from a survey of people who bought a home between July 2014-June 2015.
Source: 2015 Profile of Home Buyers and Sellers, http://www.realtor.org
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