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Another consequence of rising college costs: Declining homeownership

In recent years the cost of a college degree has shifted largely from state and local governments to students and families. That may have made young adults less likely to buy homes.

Between 2003 and 2009 the average per-person annual in-state tuition at public colleges rose by $3,843 or 81%, according to research published Thursday by the Federal Reserve Bank of New York. That jump in college costs explains about $1,628 or 30% of the rise in the average student loan balances of 24-year-olds during that period. That increase in college costs and subsequent rise in student debt account for somewhere between 11% and 35% of the drop in homeownership rates for 28- to 30-year-olds between 2007 and 2015, the study found.

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