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Student Loan Debt Adds to Buyers' Struggle with Unaffordability in California

Tuesday, November 19, 2019  
Share | reports that some 42.8 million people owe around $1.5 trillion on their student loans, an amount that is nearly twice as large as the total value of the home available for sale across the country at $780 billion. Looking at different states, compared the amount of money it would cost to make a 10% down payment on a median-priced home with the average student-loan balance per borrower.

California had the second least affordable down payment, based on the average down payment needed compared to the average borrower’s outstanding student-loan debt. The only place ranking below California was Hawaii. California’s average student debt per borrower was $33,832. But with a median homes sale price at $515,000, a 10% down payment would be $51,000, or 157% of the average student loan debt per borrower. Millennials make up a third of all student-loan borrowers with their average loan balance at $33,000.

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