(PHILADELPHIA) September 21, 2017 – Today, Councilwoman Blondell Reynolds Brown (At-Large) introduced a resolution calling for Philadelphia City Council’s “Special Committee on Student Loan Debt” to investigate the impact of student debt on achieving first-time homeownership in the City of Philadelphia.
Philadelphia millennials between the ages of 25 and 34 hold a significant amount of college debt and therefore find it particularly difficult to meet the challenge of becoming a first-time homeowner. According to the Pew Charitable Trusts, millennials are far more likely than other Philadelphians to rent rather than own their own homes; 75% of residents ages 25 to 34 are renters, compared with a 40% rental rate among older Philadelphians.
“The purpose of this investigation is to learn how we as a City can assist and provide strategies for millennials to become first time homeowners,” said Reynolds Brown. “Homeownership is one of the single best investments you can make. It builds wealth and is the cornerstone for a strong community. Our hope is that this investigation will provide solutions to retain millennials in the City of Philadelphia that attend any one of the higher education institutions as well as identify opportunities to alleviate the burden for Philadelphia’s students and families.”
The City of Philadelphia would join several states including Maryland and Rhode Island who have developed solutions to support achievement of first-time homeownership for citizens with college debt.
“We look forward to hearing from a cross section of stakeholders who can offer recommendations on how we best achieve this goal.”
Read the resolution:
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