SWGA HOMES 03/18/18

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HOMES albanyherald.com

4C • Sunday, March 18 2018

Southwest Georgia

536156-1

ALBANY | AMERICUS | BAINBRIDGE | CORDELE | MOULTRIE | SYLVESTER | TIFTON

FEATURE HOME This Week’s

Debbie Fulford

ReMax of Albany Inc. Associate Broker, CRS, ABR

536159-1

229-317-4126 - Office 229-343-4200 - Mobile debfulford@gmail.com www.remaxofalbany.com

SWGA Selling Team ERA All In One Realty Realtors

Jean Shiver 229-347-0221 Jeanshiver@gmail.com 536158-1

Blake Williams 229-560-4068 Blake.Williams@era.com

Allan Willcox Willcox Realty LLC

905 W 3rd Ave Albany, GA 31701

Associate Broker

536161-1

229-435-1717 - Office 229-886-2828 - Cell allanwillcox@gmail.com www.willcoxrealty.com

MLS # 138571 | $105,900 3 BR | 2 BA | 1716 SF

F

ull of character in beautiful rawson circle. Newly finished hardwood floors in living room and dining room, fireplace, updated kitchen includes glass front doors on cabinets, stove, dishwasher, refrigerator, washer/dryer, pantry, sunny and cheerful breakfast room with windows and built-in corner cabinet, spacious master suite with hardwood floors, walk-in closet, and private bath with tiled shower, 2 additional bedrooms with hardwood floors and cedar closets, screened porch, huge rear yard with cookout area. Newly painted interior in neutral colors. Move in condition. Historical rawson circle location convenient to hospitals. Brand new architectural roof. Unbelievable value --- now reduced to $105,900!

SWGA HOMES

Debbie Fulford

Cell: 229-343-4200 debfulford@gmail.com | www.debbiefulford.com

HOMES Southwest Georgia

• Albany • Americus • Bainbridge • Cordele • Moultrie • Sylvester • Tifton

SWGA

536153-1

TOP MORTGAGE BROKERS! JAN T. PHILLIPS “YOUR MORTGAGE MADE EASY”

NMLS#500174

bank PFB.com

536157-1

113 North Westover Blvd. Albany, GA 31707 229.349.7138 jphillips@bankPFB.com NMLS# 658982

536154-1

536166-1

 OPEN HOUSES  YOUR HOMES  HOMES FOR SALE  RENTAL HOMES  MORTGAGE BROKERS  DAILY REAL ESTATE NEWS  CLASSIFIEDS

RE/MAX OF ALBANY 229-434-1600 http://www.remaxofalbany.com

Student debt delays home ownership and more

Y

COURTESY OF MCC

oung adults seek college degrees in order to secure well-paying jobs that help establish future financial stability, including fulfilling the dream of home ownership. Too often, however, college graduates are finding student loan debt is hindering their future goals. A recent study by the National Association of Realtors and SALT, a consumer literacy program provided by the nonprofit American Student Assistance, has found older millennials between the ages of 26 and 35 are carrying sizable student loan debts. With balances between $70,000 and $100,000 still remaining on years-old loans, this demographic’s ability to buy a home is greatly compromised. While other factors have contributed to the decline in the housing market, a report released in August 2017 by the U.S. Federal Reserve Bank of New York explains that student debt accounts for up to 35 percent of the decline. Roughly 32 percent of people in their 20s owned a home in 2007, but that number dropped to 21 percent in 2016. Respondents to various surveys, including those by NAR and Pew Research Center, have said that student loans have made it more difficult to buy homes. This is not the only potential pitfall of student loans. Considerable student loan debt may also contribute to weaker spending among young

adults and less wealth accumulation through the years. It may also delay travel plans, marriage plans and other large purchases that are often the markers of an established and secure future. The Federal Reserve Bank report suggests that every additional $10,000 in student debt is associated with a 1.5 percentage point decline in the probability of buying a home by the age of 30. Furthermore, the report also states that almost half of people between the ages of 23 and 25 are still living with their parents. Of those who were able to purchase a home, they are still carrying a median student debt of $41,200, says American Student Assistance. That figure actually surpasses the average annual income of $38,800.

“The tens of thousands of dollars many millennials needed to borrow to earn a college degree have come at a financial and emotional cost that’s influencing millennials’ housing choices and other major life decisions,” said Lawrence Yun, NAR chief economist.

Student loan debt may be compelling some millennials to take second jobs, work in careers outside of their fields of study and delay marriage and starting a family. Student loan debt also is affecting millennials’ ability to save for retirement. The NAR report found that 61 percent of respondents at times were not able to make retirement contributions. Consolidation of student loans, refinancing for lower interest rates or extending the term of the loan to make payments more amenable are ways to alleviate some of the burden of student loan debt. Flexible payment plans and better loan counseling can help as well. Many millennials are finding that student loan debt is compromising their ability to secure their financial futures, which can have farreaching consequences.


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