Survey: Student loans stopping millennials from buying homes in Illinois

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ROCKFORD, Ill. (WIFR) -- Local experts say fewer millennials are purchasing homes and student debt may be to blame.

According to the latest COUNTRY Financial Security Index, millennials owed $1 trillion dollars in student debt at the end of 2018.This group was the most debt-ridden young adult group since 2007 right before the Great Recession.

The report also states 67 percent of renters between the ages 18 and 34 in Illinois say their student loans are the main financial reason behind not purchasing a home.

Experts say the millennials and are more focused on paying off their debt before investing a home.

"They need a plan. You come out of college, you're going to have debt, you're going to have credit card debt," said Bob Anderson, COUNTRY Financial agency manager.. "The best plan is to sit down with someone, a financial rep, and figure out how am I going to college, how am I going to pay off other bills."

For more on the COUNTRY Financial Security Index and the group's services, click here​.