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Owning a home is one of the quickest ways to ensure consistent credit and wealth growth, especially as rents rise nationwide. For graduates with student loan debt, obtaining a mortgage is nearly impossible. That’s because their debt-to-income ratios are usually insane – with debt as high as $100,000 for some and an entry-level income to go along with it.
Luckily, having a college degree often means higher incomes, and young people are encouraged to save at least 20 percent of each paycheck while in a cheaper living situation – whether that’s at home or in a shared rental.
– Devin Thompson, The Boston 100