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RealtyTrac: Recent grads can still find affordable homes

Posted on Friday, September 5, 2014 at 9:48:26 AM

Graduating from college is an important milestone for many people. However, it can also mean a lot of student loans, and for some that puts a damper on homeownership and other economic benchmarks later in life.

According to RealtyTrac, this may not be the case at the moment. A recent report found that college graduates with student loan debt can still find homes in the U.S. In fact, 96 percent of the current housing market is considered affordable for graduates making at least the median household income, despite student loans.

"Contrary to much rampant speculation that student loan debt is holding back homeownership among recent graduates, we found that the vast majority of markets are affordable for recent graduates making the median household income - even many of those recent graduates with student loans," said Daren Blomquist, vice president at RealtyTrac.

For college graduates, buying that first home can be an intimidating task. But, thanks to residential financing, affordable home prices and other positive conditions, it is possible. Bankrate explained that graduates will have to choose between a condominium or a house when buying. The latter often has more benefits, such as freedom to renovate, a yard and more privacy. However, a condo has less upkeep and could be in a better location.