(CNN) - Student loan debt is having a big impact on the housing market. It's preventing millions of millennials and Gen Xers from buying their first homes. Student loan debt has caused an 8 percent drop in home purchases among Americans ages 20 to 39, according to housing research firm John Burns Real Estate Consulting. That represents an estimated $83 billion loss for the real estate industry. The total outstanding student loan debt now stands at $1.1 trillion. The Federal Reserve Bank of New York states the average debt for a graduate under the age of 30 is $21,000.
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