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Student Loan Debt and Homeownership: How It Affects Millennials

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You’ve probably heard the statistics: millennials are drowning in student loan debt, which is impacting their ability to buy homes and build wealth. The James Ruff Group Realtors understands these challenges and is dedicated to helping millennials in NY and Florida navigate the complexities of homeownership. Our slogan, “Helping you build wealth, security, and happiness through quality real estate guidance,” speaks to our commitment to your success.

Student Loan Debt and Its Impact on Homeownership

Millennials are facing a unique set of challenges when it comes to homeownership. With skyrocketing college tuition costs and wage stagnation, many find themselves burdened with substantial student loan debt. This financial burden makes it difficult to save for a down payment, qualify for mortgages, and afford homes in their desired neighborhoods.

In addition to these financial barriers, millennials face housing market challenges, such as low housing inventory, high home prices, and rising interest rates. As a result, many millennials are choosing to rent rather than buy, putting off homeownership and the wealth-building opportunities that come with it.

Missed Opportunities and the Struggle to Build Wealth

As millennials continue to rent, they miss out on the numerous benefits of homeownership. Owning a home provides stability, the opportunity to build equity, and the ability to customize and personalize living spaces. Furthermore, investing in real estate can generate passive income and increase net worth over time.

This delay in homeownership not only affects millennials’ financial well-being but also has broader implications for the housing market and the economy. As millennials make up a significant portion of the population, their reluctance to enter the housing market influences housing supply, demand, and home prices.

Overcoming Student Loan Debt and Achieving Homeownership

While the challenges are significant, there are strategies millennials can employ to overcome student loan debt and achieve their homeownership dreams. The James Ruff Group Realtors offers a wealth of resources and expertise to help you navigate this journey. Here are some steps to consider:

  1. Create a budget and prioritize saving for a down payment: Start by assessing your current expenses and identifying areas where you can cut back. Check out our Top Saving Tips for Millennials to Reach Their Home Down Payment Goals for more guidance.
  2. Explore financial assistance programs: Many programs are available to help first-time homebuyers with down payments, closing costs, and affordable mortgage options. Visit our Top Ways Millennials Fund Their Down Payment article for more information.
  3. Consider more affordable housing markets: If high home prices in your desired area are holding you back, consider relocating to more affordable markets, like Florida, where the cost of living is lower and the housing market is growing. Learn more about Florida real estate opportunities.

Building Wealth and Security Through Real Estate

By taking these steps and leveraging the expertise of The James Ruff Group Realtors, millennials can overcome student loan debt and achieve their homeownership goals. As a result, they can enjoy the many benefits of homeownership, such as building equity, personalizing their living spaces, and generating passive income through property investments.

So, if you’re ready to break free from the burden of student loan debt and explore the exciting world of homeownership, contact us today. With our extensive resources, knowledgeable team, and commitment to your success, The James Ruff Group Realtors is your go-to source for real estate guidance in NY and Florida. Together, we can help you build wealth, security, and happiness through smart real estate decisions.

Whether you’re searching for your first home or looking for a rental property to add to your investment portfolio, our team is here to assist you. Take advantage of our off-market properties and property search tool to find the perfect property that aligns with your goals and budget.

Don’t let student loan debt hold you back from achieving your homeownership dreams. With a strategic approach, the right resources, and the support of The James Ruff Group Realtors, you can overcome these challenges and embark on the exciting journey of building wealth and security through real estate.

For more insights and guidance on the real estate market, homeownership, and strategies for millennials, explore our blog, which features articles on Renting vs. Owning, Breaking the Stereotype: The Realities of Millennial Homeownership, and many more. Remember, The James Ruff Group Realtors is here to help you every step of the way, from exploring your options to achieving your homeownership goals.

Ready to take the next step in your journey towards homeownership? Contact us today and let The James Ruff Group Realtors guide you towards building wealth, security, and happiness through quality real estate guidance.


Can I buy a house if I owe student loans?

Yes, you can buy a house even if you have student loans. However, your debt-to-income (DTI) ratio will be a significant factor when applying for a mortgage. Lenders consider your DTI ratio to determine your ability to manage monthly payments. You might need to lower your DTI ratio or consider various mortgage options to increase your chances of being approved for a mortgage.

Is it harder to buy a house with student loan debt?

Having student loan debt can make it more challenging to buy a house, as it affects your DTI ratio and overall financial stability. However, it’s not impossible. By improving your credit score, saving for a down payment, and exploring different mortgage options, you can increase your chances of successfully buying a home despite your student loan debt.

How much student loan debt is too much for a house?

There isn’t a specific amount of student loan debt that is considered too much for buying a house. It depends on your income, credit score, and other financial factors. Lenders primarily focus on your DTI ratio, so if your student loan debt combined with other debts results in a high DTI ratio, it may be more challenging to qualify for a mortgage.

Does student loan affect getting a mortgage?

Yes, student loans can affect your ability to get a mortgage. Lenders consider your DTI ratio when determining your eligibility for a mortgage, and student loan debt can contribute to a higher DTI ratio. Additionally, your credit score and payment history on your student loans can impact your mortgage application.

How to get rid of 100K student loans?

To get rid of $100,000 in student loans, consider the following strategies:

  1. Create a repayment plan that prioritizes your highest interest rate loans.
  2. Refinance your student loans to secure lower interest rates.
  3. Apply for income-driven repayment plans if you qualify.
  4. Make extra payments whenever possible.
  5. Explore loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF).

Do student loans go away after 7 years?

Student loans do not automatically go away after 7 years. However, after 7 years of delinquency or default, the negative information regarding your loans may be removed from your credit report. Keep in mind that federal student loans do not have a statute of limitations on debt collection, so they can still pursue repayment.

What is the 28/36 rule?

The 28/36 rule is a guideline used by lenders to evaluate a borrower’s financial stability for mortgage approval. The rule states that a borrower’s monthly housing expenses should not exceed 28% of their gross monthly income, and their total monthly debt payments (including housing expenses) should not exceed 36% of their gross monthly income.

Does applying for FAFSA affect buying a house?

Applying for FAFSA (Free Application for Federal Student Aid) does not directly affect your ability to buy a house. However, if you receive financial aid in the form of student loans, these loans will eventually impact your DTI ratio and credit score, which are considered by mortgage lenders when evaluating your eligibility for a mortgage.

James Ruff owner of The James Ruff Group Miami Realtors

James R. Ruff

Principal Broker

About the Author

James R. Ruff – With 30+ years in real estate construction, investing, and brokerage, having studied at Harvard Business School, James Ruff leads The James Ruff Group Real Estate Brokerage Firm as Principal Broker and Owner. 

Operating from offices at Madison Park in Manhattan, New York, The South of Fifth in Miami, Florida, and Cambridge, Massachusetts, his team of expert advisors specializes in luxury residential and commercial properties throughout the USA.

James Ruff’s team is dedicated to helping you build wealth, security, and happiness through quality real estate guidance, one transaction at a time, for a lifetime.

Click to read more about James Ruff


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James Ruff Principal Broker Owner The James Ruff Group Realtors
James R. Ruff Principal Broker, Owner of The James Ruff Group Realtors

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The James Ruff Group LLC Privacy Policy


We are committed to respecting your right to privacy and protecting your information when you visit or use our services.

This privacy policy also describes the choices available to you regarding our use of your personal information and how you can access and update this information.

We want you to understand what information we gather about you, how we use it and the safeguards we have in place to protect it. This Privacy Policy applies to information collected through this website and otherwise. Your use of this website and our services, and any disputes arising from it, is subject to this Privacy Policy as well as the Terms of Use and all its dispute resolution provisions, including arbitration, limitation on damages and choice of law.

This website is a general audience site and we do not knowingly collect personal information from children under the age of 13.

If you have questions or concerns regarding this policy, you should first contact us at

Email and Email Addresses
We collect your email address when you provide it to us through our website or when you sign up for our blog. We will never sell your email address. We will only use your address to communicate with you regarding the servicing of your accounts or to make you aware of products and services that may be of interest to you.

When you send The James Ruff Group an email, we may retain your message and our response for quality assurance purposes. It is important to remember that regular (non-encrypted) email is not secure.

Online Forms
We collect information from you when you fill out an online form. All online forms are subject to the same policy we have on email.

Planning Tools and Calculators
Information that you input on the web site while using any of our planning tools and calculators is not captured, stored or used in any way other than to provide you with the information you’re looking for at the time you use the tool or calculator. These calculators were built only for the purpose of helping you understand your financial options, enabling you to explore various scenarios and “what if” calculations for items like loan payments, retirement and education planning.

We may use cookies and other online tracking devices. Cookies are small text files that a website’s server places on your computer. The cookies provide a means for websites that you visit to track browsing activities conducted with your computer. This includes information such as pages and content viewed, the time and duration of visits, search queries entered into search engines, and whether a computer user clicked on an advertisement. Cookies make the personalization of your web experiences possible and can also be used to retain data related to a particular browser such as items in online shopping carts.

There are other devices for tracking online activity including web beacons. A web beacon is a small string of software code that represents a graphic image on a website or in email. Web beacons can be used for many purposes – including website traffic reporting, unique visitor counts, advertising/auditing/reporting, and personalization of a website.

Working with Other Companies
From time to time, our partners may establish a relationship with other partners on the Internet to provide you with additional value and new products we may not offer ourselves. In these circumstances, we will treat information you provide us in the same manner described in our Privacy Policy. Our partner website may offer access to other sites either through the use of hyperlinks. In some cases, the other site will also collect information from you. Please review the privacy policies of these third parties prior to providing any information to them when you link to their web site.


  1. Collection and Use of Your Personal Information

We collect Personal Information from you only when you voluntarily submit it in order to obtain certain information, including without limitation (A) requests to find out more about our programs; (B) requests to contact us; and (C) requests to forward your information to one of our affiliates.

We honor all “do not track” requests and settings. If you use any signal(s) or other mechanism(s) that provides you the ability to exercise choice regarding the collection of personally identifiable information about your online activities over time and across third-party websites or online services, we will not attempt to override such signals or mechanisms, nor will we track your use of any such signal or mechanism. When you use our website, no other parties can collect personally identifiable information about your online activities over time and across different websites. Your choice is indicated by your settings in your web browser. A “do not track” indication sent from your web browser will result in any tracking activity (i.e., tracking cookies) within the website to be programmatically disabled.

We collect the following personal information from you:

  • Contact Information such as name, email address, mailing address, and phone number

We use this information to:

  • Send you requested product or service information
  • Respond to customer service requests
  • Administer your account
  • Send you a newsletter
  • Send you marketing communications
  • Improve our Web site and marketing efforts
  • Conduct research and analysis
  • Display content based upon your interests

By clicking the Submit button, you agree to have your information shared with us and for us to contact you via telephone, mobile phone (including through automated dialing, text SMS/MMS, or pre-recorded messaging) and/or email, even if your telephone number is on a corporate, state, or the National Do Not Call Registry, and you agree to our Privacy Policy.

Special Notice to California Residents. If you are a resident of California, in addition to the rights set forth in this Privacy Policy:

  1. We will not share any personal information about you to the extent prohibited by applicable California law or to the extent your prior consent to share is required by applicable California law; and
  2. You have the right to request information from us regarding the manner in which we share certain categories of information with third parties for their direct marketing purposes. California law gives you the right to send us a request at a designated address to receive the following information
  • 1.1. the categories of information we disclosed to third parties for their direct marketing purposes during the preceding calendar year
  • 1.2. the names and addresses of the third parties that received that information; and
  • 1.3. if the nature of the third party’s business cannot be determined from their name, examples of the products or services marketed.

The rights of Users

We adopt this Notice to comply with the California Consumer Privacy Act of 2018 (CCPA). Any terms defined in the CCPA have the same meaning when used in this Notice.

Users may exercise certain rights regarding their Data processed by the Owner.

In particular, Users have the right to do the following:

  • Withdraw their consent at any time. Users have the right to withdraw consent where they have previously given their consent to the processing of their Personal Data.
  • Object to processing of their Data. Users have the right to object to the processing of their Data if the processing is carried out on a legal basis other than consent. Further details are provided in the dedicated section below.
  • Access their Data. Users have the right to learn if Data is being processed by the Owner, obtain disclosure regarding certain aspects of the processing and obtain a copy of the Data undergoing processing.
  • Verify and seek rectification. Users have the right to verify the accuracy of their Data and ask for it to be updated or corrected.
  • Restrict the processing of their Data. Restrict the processing of their Data. Users have the right, under certain circumstances, to restrict the processing of their Data. In this case, the Owner will not process their Data for any purpose other than storing it.
  • Have their Personal Data deleted or otherwise removed. Users have the right, under certain circumstances, to obtain the erasure of their Data from the Owner.
  • Receive their Data and have it transferred to another controller. Users have the right to receive their Data in a structured, commonly used and machine readable format and, if technically feasible, to have it transmitted to another controller without any hindrance. This provision is applicable provided that the Data is processed by automated means and that the processing is based on the User’s consent, on a contract which the User is part of or on pre-contractual obligations thereof.
  • Lodge a complaint. Users have the right to bring a claim before their competent data protection authority.

Details about the right to object to processing

Where Personal Data is processed for a public interest, in the exercise of an official authority vested in the Owner or for the purposes of the legitimate interests pursued by the Owner, Users may object to such processing by providing a ground related to their particular situation to justify the objection.

Users must know that, however, should their Personal Data be processed for direct marketing purposes, they can object to that processing at any time without providing any justification. To learn, whether the Owner is processing Personal Data for direct marketing purposes, Users may refer to the relevant sections of this document.

How to exercise these rights

Any requests to exercise User rights can be directed to the Owner through the contact details provided in this document. These requests can be exercised free of charge and will be addressed by the Owner as early as possible and always within one month.

We may provide this information in a standardized format that is not specific to you. The designated email address for these requests is

Consent to Receiving Emails, Auto-Dialing & Auto-Texting:

By registering, you are giving us and our professional real estate clients and advertisers permission to contact you via text message, email, or telephone using the email address and/or telephone number that you have provided during the registration process. Such contact may, from time to time, include attempts to contact you via auto-dialing or auto-texting technology. You may opt out of receiving these forms of communication by unsubscribing from any email communication or texting STOP as a reply to one of our text communications. There is no fee charged by us or its advertisers to receive text messages, however, your mobile service provider may charge you for sending and/or receiving text messages and air-time, as well as any other standard applicable rates charged by your mobile service provider.

Information Sharing

We will share your personal information with third parties, including with one of the participating lenders associated with this site, only in the ways that are described in this Privacy Statement. We may provide your personal information to companies that provide services to help us with our business activities such as offering customer service. These companies are authorized to use your personal information as is necessary to provide these services to you.

We may also disclose your personal information:

  • As required by law such as to comply with a subpoena, or similar legal process.
  • When we believe in good faith that disclosure is necessary to protect our rights, protect your safety or the safety of others, investigate fraud or respond to a government request,
  • To any other third party with your prior consent to do so.
  • We may share your personal information with other companies so that they can market their products or services to you. If you do not want us to share your personal information with these companies, contact our website vendor and advertising provider at

Cookies and Other Tracking Technologies

We may use cookies, for example, to keep track of your preferences and profile information. Cookies are also used to collect general usage and volume statistical information that does not include personal information.

We may use another company to place cookies on your computer to collect non-personally identifiable information to compile aggregated statistics for us about visitors to our site.

Links to Other Web Sites

Our Site includes links to other Websites whose privacy practices may differ from ours. If you submit personal information to any of those sites, your information is governed by their privacy policy statements. We encourage you to carefully read the privacy statement of any Web site you visit.


The security of your personal information is important to us. We follow generally accepted industry standards to protect the personal information submitted to us, both during transmission and once we receive it. No method of transmission over the internet, or method of electronic storage is 100% secure, however. Therefore, we cannot guarantee its absolute security. If you have any questions about the security of our Web site, you can contact our website and advertising provider

Additional Policy Information

Our Web site includes Widgets, which are interactive mini-programs that run on our site to provide specific services from another company (e.g. displaying the news, opinions, music, etc.). Personal information, such as your email address, may be collected through the Widget. Cookies may also be set by the Widget to enable it to function properly. Information collected by this Widget is governed by the privacy policy of the company that created it.

Our Web site offers publicly accessible blogs, social media, or community forums such as Facebook, Twitter, or Google Plus. You should be aware that any information you provide in these areas may be read, collected, and used by others who access them.

Visiting our Websites From Outside the United States.

This Privacy Policy is intended to cover collection of information on our websites from residents of the United States. If you are visiting our websites from outside the United States, please be aware that your information may be transferred to, stored and processed in the United States where our servers are located and our central database is operated. The data protection and other laws of the United States and other countries might not be as comprehensive as those in your country. By using our services, you understand that your information may be transferred to our facilities and those third parties with whom we share it as described in this Privacy Policy.

No Rights of Third Parties.

This Privacy Policy does not create rights enforceable by third parties or require disclosure of any personal information relating to users of our websites.

Notification of Privacy Policy Statement Changes

We may update this privacy statement to reflect changes to our information practices or changes in regulations governing privacy. If we make any material changes we will notify you by email (sent to the email address specified in your account) or by means of a notice on this Site prior to the change becoming effective. We encourage you to periodically review this page for the latest information on our privacy practices.

This Privacy Policy was last revised on October 1, 2022. We reserve the right to modify or amend this policy at any time by posting the revised Privacy Policy on the website.

At The James Ruff Group, we respect your privacy.

If you have questions regarding our Privacy Policy, please email us at We hope you enjoy our site!