There's no denying that the cost of obtaining a degree and going to college is getting more expensive than ever. However, it does not stop young people from pursuing higher education to reach their dreams - the American dream.

According to a new report by New York Federal reserve released on Monday, those who have finished college have higher likelihood to have invested or owned a home by the time they have reached 33. This is even true for the ones who have student loans and have not really completed their four years in college, CNN Money reported.

The report shows that 52 percent of the college graduates who took on debt still own a home, but the rate is even higher (55 percent) for those who do not have student loans.

New York Fed President William Dudley at a press briefing, said that the only clear message here is that it is important for students to just go to school and finish it, because even if they take on student loans, they are still in better shape compared to those who did not go to college at all.

It only clearly proves how a college degree significantly impacts a person's income mobility. There are plenty of reasons why a degree fosters success, according to Yahoo Finance. For one, a college degree opens better job opportunities with higher earnings compared to non-college degree holders. College education can also be considered as a personal investment because students do not only get to learn the skills they need for their future jobs; they also get to learn soft skills, and valuable things not taught in the classrooms.

While the fact remains that pursuing college education still costs a lot, the significance of completing college and earning a degree still stays to be more important for the American youth.