This is an archived article and the information in the article may be outdated. Please look at the time stamp on the story to see when it was last updated.

DENVER (KDVR) — Student loan forgiveness will boost homeownership rates for borrowers already more likely to own a home than their peers, according to a new study.

President Joe Biden announced Wednesday that up to $20,000 in student debt will be forgiven for federal student loan borrowers. Additionally, borrowers will not have to make monthly payments until 2023.

A highly educated state, Colorado will have a large number of beneficiaries. Colorado has 771,200 student loan borrowers. Each has borrowed a relatively high amount, with just over $37,000 in average debt per borrower.

A new study from brokerage firm Rocket Mortgage says student debt relief will boost borrowers’ ability to buy a home. It will do so, however, within a population with higher-than-average homeownership rates. The study surveyed over 2,000 adults aged 26-41 years old.

Homeownership is a nearly universal goal for the survey’s respondents. Over 96% said they want to own a home someday. To that end, they are eager for some student loan forgiveness. Survey respondents say Biden’s plan will shorten their home purchasing timelines.

A large majority of borrowers said student loan forgiveness would open new opportunities. About 80% said they anticipate buying a home in the near future following the student loan forgiveness.

For those already planning a home purchase, it would speed things up. Just under 70% of millennial borrowers planning a home purchase in the next 4-9 years said student loan forgiveness would shorten their timeframe to 1-3 years.

The survey, however, also said these buyers are already ahead of the pack when it comes to homeownership.

Census data says 48.6% of millennials own a home. According to Rocket Mortgage’s survey, though, millennials with student loans are more likely to own a home than millennials altogether. Of millennial borrowers, 56.8% owned a home.

This could reflect both the income a college education gets borrowers. Over a lifetime, college graduates make between $630,000 and $900,000 more than high school graduates without college education.

While millennials have more collective student debt than any other generation, it is still a minority of millennials who currently have student debt, according to the St. Louis Fed. About 31% of millennials have student debt balances.