By rssfeeds-admin James Ekstrom said he would have been looking to buy a home earlier on in his life, but thousands of dollars of student loan debt was in his way.
“15 years ago the average age of a first-time home buyer was 29. Today, it’s 38,” said Northwest Illinois Alliance of Realtors’ Conor Brown. “It’s really kind of sounding the alarm bells that the student loan debt is not sustainable. So, we need to think of ways that help alleviate some of that stress.”
Last month, Ekstrom was able to become a first-time homebuyer, thanks to the Illinois Housing Development Authority’s program for student loan debt.
The SmartBuy program relieved him of $37,000 of debt.
“So all of that, the whole $37,000 got paid off,” said Ekstrom. “I actually just checked on my accounts a couple of days ago and I saw it and I was like, Wow, it doesn’t even feel real at the moment.”
Nearly one in five non-homeowners said debt is their main reason for not purchasing a home, according to a 2024 Statista Survey.
As a result, more programs are becoming available to aid buyers.
“With the additional money that I don’t have to pay towards student loans anymore,” said Ekstrom. “I plan to continue reinvesting that money definitely into this property and also plan on actually creating another account to set some capital aside to eventually, in the near future, probably very soon to acquire another property, possibly.”
While applications for the program are currently closed, the Illinois Housing Development Authority has other programs to help homebuyers.
Anyone interested can visit the organization’s website.
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