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Many consumers probably didn't think about how student loans affect their ability to buy a home, but a new report from Young Invincibles showed that many Americans have been unable to secure mortgages because they hold too much student debt.

The organization found that single Americans who hold student loans would need to spend around 50 percent of their monthly income on mortgage, student loan, credit card and car payments, which makes them unqualified for many home loans. Couples also face home buying challenges, especially if they both have student debt.

"As educational debt grows, it pushes more borrowers out of the housing market, potentially adding another drag to an economy only just emerging from the Great Recession," said Rory O'Sullivan, policy director at Young Invincibles. "More research is needed to understand exactly how student debt impacts the broader economy."

According to McClatchy Newspapers, tuition costs at public universities top $25,000 on average, while private universities' costs exceed $50,000, forcing many young Americans to leave school with large amounts of student debt. These high marks have likely forced many young adults to delay buying homes, and has their parents depleting their home equity. 

In a new study conducted by Fannie Mae, an overwhelming majority of Americans said they prefer owning a home to renting.

The government-sponsored enterprise found that 85 percent of Americans prefer home buying than leasing. However, economic factors are holding back many from actually owning their own home.

The main factors behind the decision to own or rent include income, age, marital status and employment status.

"The whole world thinks about underwriting or what's my income, but what is driving consumers seems to fall more in this attitudinal world," Steve Deggendorf, one of the authors of the study, told HousingWire. "People are thinking about this process as being very deliberate, but with most people its complex."

After taking a hit during the housing crisis, the homeownership rate in the United States has started to pick up in recent months. According to the U.S. Census Bureau, 65.5 percent of Americans owned a home at the end of June, up from 65.4 percent at the end of the first quarter.