Need to reverse the trend of students working less and borrowing more
Teens (16-19) percentage working in the summer decreased from 70% to 45% in the last 20 years.
Student loans, on the other hand, trippled since 2007.
Teens (15-19) on average work 1hr per day while they have almost 6 hours in leisure and sports.
If students work more to make more money, it would be easier to start homeownership earlier.
If taking on a student loan to go to college will delay homeownership, it may not be a good choice. Consider work first or work half-time to gain homeownership as soon as possible.
The average student loan for a borrower was $38k in 2023. This is enough to buy a ready to build lot in Houston.
What if students work 500 hour per year toward homeownership
When a business is owned or operated by a parent or legal custodian, the parent or custodian may employ their own children at any age to work any hours, so long as the work is non-hazardous (not prohibited) and the child works under the parent or custodian's direct supervision (Texas Workforce Commission).
14- and 15-year-olds can work up to 8 hours on a non-school day or 40 hours during a non-school week, and up to 3 hours on a school day, in non-hazardous jobs.
By working 500 hours per year toward homeownership,
starting from age 15 getting paid average $7 per hour to $15 per hour by age 18,
investing the money in a land fund making 10% APR interest,
buying land before high school graduation, a 1600 ft 2 lot,
a student could start building home on owned land by age 18, and
build 400+ ft2 home by age 22, without debt.
Most high school student jobs are in retail and food services. If by learning construction in high school and becoming more productive building home than other jobs, it could be higher pay by working on building own or other students homes.
