Student debt is the biggest obstacle for black Millennials who want to buy a home. Millennials of color only make up a small piece of the overall market for real estate, and student debt is hindering them—especially black Millennials, whose homeownership levels reached a “near-record low” of 42.7%. Black Millennials with bachelor’s degrees are more likely to have student debt than their white peers, and are more likely to default on their loans as well. But data shows that this group still makes up 11.4% of mortgage-ready applicants, and the industry is working to break into the market with campaigns to provide education online, and streamline mortgage process. (The Washington Post)
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