Most millennials are putting off purchasing a home by seven years because they are saddled with student debt from college, according to a joint survey by the National Association of Realtors and the nonprofit American Student Assistance.

More than 2,200 people responded to a survey sent in April to roughly 94,000 student loan borrowers currently making repayments, according to a NAR statement. Only 20 percent of respondents currently own a home. The majority of the remaining 80 percent said their student debt load hindered their ability to buy a home, with seven years the median figure for how long they expected to delay the decision.

"The tens of thousands of dollars many millennials needed to borrow to earn a college degree have come at a financial and emotional cost that's influencing millennials' housing choices and other major life decisions," said Lawrence Yun, NAR chief economist. "Sales to first-time buyers have been underwhelming for several years now, and this survey indicates student debt is a big part of the blame."

The survey also found most millennials are postponing other major life and financial decisions because of student debt, such as starting a family. Eight-sex percent of respondents said they made sacrifices in their professional careers, including taking a second job. http://bit.ly/2yokGrI

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