96 Percent of U.S. Housing Markets Still Affordable for Recent Grads Saddled With Student Loan Debt - Seite 3

Average student loan debt for college seniors who graduated in 2012 came from a research paper called "Student Debt and The Class of 2012" from The Institute for College Access & Success.

To determine the minimum income needed to buy a home, RealtyTrac assumed the buyer could affordably spend a maximum of 43 percent of his or her income on the house payment and student loan payment combined. In calculating average house payments, fixed 30 year mortgage rates were obtained from Freddie Mac on Aug. 7 2014. It was assumed that the average borrower would make a 20 percent down payment, the mortgage term would be 30 years, and insurance combined with property tax would be 1.39 percent of the value of the home. To calculate monthly payments for student loan debt, RealtyTrac used weighted average of interest rates among different types of student loans (4.715 percent) and a term of 10 years.

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RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 129 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by many federal government agencies, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.