Millennials actually own homes in these U.S. cities. (via CNBCMakeIt)
often keep millennials from taking on the additional debt that comes with buying a home.
"They have so much student loan debt that it would be difficult to take on another large payment each month," says. "Some of their student loan payments are as much if not more than a typical mortgage payment in certain parts of the country." Many millennials have minimal free cash flow, due to student loan debt and living in high cost areas like San Francisco, Los Angeles and New York City.Kaleb Paddock, a certified financial planner at, agrees that student loans are a huge financial burden for many millennials. For those balancing student loans with living in a pricey location, the challenge of getting out of debt and being able to afford a home becomes even harder.
"Many millennials have minimal free cash flow due to student loan debt and living in high cost areas like San Francisco, Los Angeles and New York City," Paddock says.the fear of committing to a location is also sometimes a factor, Paddock explains. "I've also seen many millennials intentionally choosing to not buy a home because they don't want to be tied down to one location. They enjoy the flexibility that non-homeownership provides them," Paddock says. "There is flexibility in where they live — along with financial flexibility — since they aren't tying up a large portion of their finances in a home."
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