College Grads More Likely to be Homeowners

Despite student loan debt being a hurdle for many potential homebuyers, those with a college degree are more likely to be homeowners than those who don’t have one.

According to Point2Homes, 40% of homeowners in the U.S. have received a bachelor’s degree or higher and 30% have some college experience and/or an associate’s degree, meaning 70% of all homeowners have had some type of education beyond high school. Twenty-three percent of homeowners in the country have completed high school and 7% of homeowners have not finished high school. The report found that this trend has increased over the past 12 years. The number of homeowners without a high school diploma has fallen 30% since 2010, while the number of homeowners with only a high school education fell 13%. Yet, the number of homeowners with a bachelor’s degree has grown 18%.

The median income of someone in the U.S. with a bachelor’s degree is $56,150, compared to someone who has not finished high school, whose median income is $25,350, making homeownership more attainable for those with a college degree. According to realtor.com®, the current median list price for a home is $405,000, a record high. In Pennsylvania, the current median sales price for all properties closed in March was $197,787, according to a report prepared for the Pennsylvania Association of Realtors®.

Additionally, what type of degree someone obtains tends to impact whether someone becomes a homeowner or not. For example, 82% of people with a bachelor’s degree in education or industrial/technology are homeowners, as are 81% of those with an agriculture degree and 80% of people who graduated with a health degree. Comparatively, only 67% of people with an IT or an art degree are homeowners and only 68% of those with a communications or mass media degree are.

Topics

How useful was this post?

Click on a star to rate it!

Average rating 0 / 5. Vote count: 0

No votes so far! Be the first to rate this post.

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Member Discussion

  Log in to join the conversation

Recent Articles

Not a Realtor®? Learn how to become a member.