Earning your college degree could mean a lot of things: a chance to have a promising career, bigger paycheck and finally being able to buy a dream car among other things except for one. According to an article in CNNMOney.com a college degree can make buying a home harder. A new study has found out that saving for a down payment in 30 out of top 100 markets in the country was easier without a college degree. Furthermore, the study conducted by Trulia found that households with a college degree don't really earn more income than households without a college degree. The main reason lies in the payment of student debt which makes is it harder to save up for a down payment to purchase a home.
Buying a home is a major step for most people but the lack this activity has been greatly observed among Millennials. Large student loans can be such a great burden that saving up for a home won't be possible soon after earning a college degree. On the other hand, studies have shown that Millennials who don't have a college degree could easily save up for a down payment one year sooner than those with college degrees in markets like Daytona Beach, Florida, Las Vegas, El Paso, Texas, and in Columbia, South Carolina.
There is still hope for degree holders though. In the state of California, where seven out of ten of the property markets that take the longest to save for a down payment, is where most probably those with college degrees may have an advantage. The premium income opportunity for those with a college degree is higher in California and this may be a good chance to save up for a down payment to buy a home. The timeframe can still be quite high for degree holders between 25-30 years old. In San Francisco, for example, those who have a college degree may require nearly 30 years to come up with a 20% down payment on an average priced home, while those without a degree may find it impossible. But there are other markets that are much more affordable and Ohio is one of the most affordable options.
