Poor credit scores keep Gen Xers from entering the housing market

AChafukira • May 22, 2019

On average, Gen Xers owe more than $20,000 in student loan debt.

A recent report from LendingTree reveals that although Gen Xers are now in their prime earning years, many are refraining from homeownership due to substantial debt.

The report analyzed the credit profiles of Gen Xers who own homes and compared them with those who are renters.

LendingTree’s analysis discovered that although renters carry less overall debt, homeowners have lower delinquency rates and higher credit scores.

While each group of Gen Xers’ credit scores may vary, data indicates student loan debt remains the largest burden for this generation.

This isn’t much of a surprise as student loan debt has racked up a collective $1.5 trillion bill for 44 million Americans, according to the Federal Reserve .

This debt has undoubtedly impacted the housing decisions of young Americans, even delaying the American dream of homeownership for many Gen Xers.

According to LendingTree’s analysis, 28% of homeowners owe a median of $28,557 in student debt, whereas 27% of renters have a median of $28,203.

While their debt burden may be similar, LendingTree suggests Gen X homeowners hold an asset that will not only be a meaningful source of wealth but will also boost their credit profiles.

According to the report, Gen X homeowners have a median credit score of 672, out ranking the 586 score for non-homeowners.

“Homeowners have a median of nine financial accounts compared to just four for non-homeowners,” LendingTree writes. “This reflects the higher credit scores of Gen X homeowners as they are able to obtain more credit accounts. Many renters may face difficulty accessing credit due to their lower credit scores.”

NOTE: LendingTree analyzed the credit records of more than one million Gen X users, analyzing their financial health to identify savings opportunities that could improve their credit scores.

Selling Houses While Black

By Olga Labovich • January 18, 2023
About 6 percent of real estate agents and brokers in the United States are Black. Their white peers make almost three times as much, according to data and surveys. Tye Williams feels the heat. It’s 95 degrees out, and the North Carolina sun is beating like a drum. He’s in a full suit and tie Continue Reading The post Selling Houses While Black appeared first on National Association of Real Estate Brokers.

NAREB releases Annual State of Housing in Black America report at Black Wealth Summit featuring Lawmakers, Agency Heads, Policymakers & Experts

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Reckoning with the past: Associations apologize for discriminatory practices

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NAREB: Supporting ‘Democracy In Housing’ for consumers, agents

By Olga Labovich • November 14, 2022
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Clyburn Re-Ups Support For G.I. Bill Restoration Act On This Veteran’s Day

By Olga Labovich • November 11, 2022
Americans disagree on many social issues, but one we’re strongly united on is appreciation for our fellow countrymen and women who have served in our nation’s military – especially today, Veteran’s Day. It’s likely that the greatest expression of gratitude our nation has ever given to those who have worn the uniform is the Servicemen’s Readjustment Continue Reading The post Clyburn Re-Ups Support For G.I. Bill Restoration Act On This Veteran’s Day appeared first on National Association of Real Estate Brokers.

When the demography of the members is considered

By Olga Labovich • October 15, 2022
Our mission at Bankrate is to assist our clients in making smarter monetary decisions. Apart from ensuring every editorial policy is met, we have referenced some of our products from our partners in this post. We have explained how we generate revenue here. The National Association of Real Estate Brokers (NAREB) is a trade network Continue Reading The post When the demography of the members is considered appeared first on National Association of Real Estate Brokers.

What is a Realtist?

By Olga Labovich • September 15, 2022
Whether you’re looking to buy or sell a home, you’ll see a wide range of terms attached to professionals who can help with the transaction. As you work to understand the difference between a broker and an agent, you may also wonder what a Realtist does. What is a Realtist? A Realtist is a real estate Continue Reading The post What is a Realtist? appeared first on National Association of Real Estate Brokers.

What is the National Association of Real Estate Brokers (NAREB)?

By Olga Labovich • September 14, 2022
The National Association of Real Estate Brokers (NAREB) is a trade organization and network of Black real estate professionals known for promoting “democracy in housing” and advocating for public policies that “protect and expand sustainable homeownership.” The organization’s members, who go by the title of Realtist, are spread throughout chapters across the United States. NAREB’s Continue Reading The post What is the National Association of Real Estate Brokers (NAREB)? appeared first on National Association of Real Estate Brokers.

NAREB Calls on White House and Congress to Boost Black Homeownership and Close Wealth Gap

By Olga Labovich • September 7, 2022
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For 75 Years, NAREB Has Advocated for Black Homeownership

By Olga Labovich • August 2, 2022
Annual Convention Returns to Tampa Where Organization was Founded The National Association of Real Estate Brokers (NAREB) kicks off its national convention in Tampa this week, as the organization celebrates its 75th anniversary. Founded in 1947 with the goal of securing equal housing opportunities for all Americans, NAREB advocates for policies and practices that increase Continue Reading The post For 75 Years, NAREB Has Advocated for Black Homeownership appeared first on National Association of Real Estate Brokers.
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