Study reveals it’s not just student loans that are a burden
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Millennials are carrying significant debt with those in the 50 largest US cities averaging $23,064.
But an analysis from LendingTree has found that auto loans are closing in on student debt as the biggest debt burdens; and reveals the cities where millennials are most indebted.
By analyzing anonymized data from its users, the firm discovered that in the top 10 cities, more than half of millennials have outstanding debts totaling $25,000 or more (not including mortgages), and roughly 1 in 4 millennials living in these cities owes more than $50,000.
The South appears to be a millennial debt hotspot with 8 of the top 10 cities in the region; and auto loans are the main source of that debt.
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The 10 Places Where Millennials Carry the Most Debt (Excluding Mortgages) |
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|
Rank |
Metro |
Median |
|
1 |
San Antonio |
$27,122 |
|
2 |
Pittsburgh |
$26,403 |
|
3 |
Austin, Texas |
$26,164 |
|
4 |
Houston |
$25,978 |
|
5 |
Jacksonville, Fla. |
$25,947 |
|
6 |
Dallas |
$25,939 |
|
7 |
Washington |
$25,810 |
|
8 |
Virginia Beach, Va. |
$25,591 |
|
9 |
Oklahoma City |
$25,351 |
|
10 |
Columbus, Ohio |
$25,129 |
"The millennial generation makes up the younger portion of adults, and as they build their careers, families and communities, they're doing it encumbered by personal debt," said Kali McFadden, the LendingTree senior research analyst who led the study.
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Breakdown of Millennial Debt (Excluding Mortgages) |
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|
Metro |
Average |
Biggest Debt Category |
Student Debts |
Auto |
Credit Cards |
Personal Loans |
Other |
|
San Antonio |
$38,336 |
Auto |
30.2% |
43.2% |
14.8% |
9.4% |
2.4% |
|
Pittsburgh |
$38,372 |
Student |
45.7% |
28.6% |
15.2% |
9.2% |
1.3% |
|
Austin, Texas |
$36,454 |
Auto |
35.4% |
37.1% |
18.1% |
7.6% |
1.8% |
|
Houston |
$37,323 |
Auto |
29.9% |
42.5% |
16.0% |
9.5% |
2.0% |
|
Jacksonville, Fla. |
$37,236 |
Auto |
37.1% |
38.5% |
15.1% |
7.8% |
1.6% |
|
Dallas |
$36,775 |
Auto |
33.3% |
39.9% |
16.0% |
8.8% |
1.9% |
|
Washington |
$41,872 |
Student |
46.9% |
25.9% |
17.0% |
9.2% |
1.0% |
|
Virginia Beach, Va. |
$36,323 |
Student |
35.4% |
32.1% |
18.9% |
11.9% |
1.8% |
|
Oklahoma City |
$35,980 |
Auto |
37.1% |
39.3% |
13.4% |
8.5% |
1.6% |
|
Columbus, Ohio |
$37,118 |
Student |
48.1% |
29.2% |
14.6% |
7.0% |
1.1% |
|
Birmingham, Ala. |
$36,776 |
Student |
41.9% |
35.0% |
12.0% |
9.5% |
1.5% |
|
Phoenix |
$36,281 |
Auto |
35.0% |
40.2% |
14.8% |
8.1% |
1.9% |
|
Buffalo, N.Y. |
$36,944 |
Student |
46.4% |
29.1% |
15.9% |
7.5% |
1.0% |
|
Atlanta |
$37,737 |
Student |
46.1% |
31.6% |
14.0% |
6.8% |
1.6% |
|
Kansas City, Mo. |
$35,369 |
Student |
41.7% |
34.1% |
15.0% |
7.8% |
1.4% |
|
Denver |
$35,376 |
Student |
40.1% |
31.4% |
18.3% |
9.0% |
1.2% |
|
Indianapolis |
$36,911 |
Student |
44.2% |
31.9% |
14.3% |
8.3% |
1.4% |
|
Charlotte, N.C. |
$36,626 |
Student |
42.4% |
32.7% |
15.1% |
8.4% |
1.4% |
|
St. Louis |
$34,941 |
Student |
42.4% |
33.4% |
15.0% |
8.1% |
1.1% |
|
Tampa, Fla. |
$36,122 |
Student |
40.2% |
35.0% |
16.3% |
7.0% |
1.5% |
|
Cincinnati |
$33,275 |
Student |
40.2% |
35.0% |
14.8% |
8.6% |
1.4% |
|
Nashville, Tenn. |
$36,478 |
Student |
44.4% |
31.1% |
15.0% |
7.3% |
2.3% |
|
Hartford, Conn. |
$35,110 |
Student |
43.7% |
25.5% |
18.1% |
11.5% |
1.2% |
|
Milwaukee |
$33,817 |
Student |
48.1% |
26.9% |
15.9% |
7.4% |
1.8% |
|
Las Vegas |
$35,045 |
Auto |
31.0% |
40.1% |
18.2% |
9.2% |
1.4% |
|
Baltimore |
$36,417 |
Student |
42.0% |
31.6% |
16.5% |
8.6% |
1.3% |
|
Boston |
$34,626 |
Student |
46.3% |
25.6% |
18.6% |
8.7% |
0.9% |
|
Philadelphia |
$36,773 |
Student |
49.1% |
24.8% |
15.8% |
8.9% |
1.4% |
|
Minneapolis |
$34,490 |
Student |
47.5% |
26.8% |
14.9% |
9.6% |
1.2% |
|
Chicago |
$34,832 |
Student |
44.1% |
28.6% |
18.0% |
8.4% |
1.0% |
|
Memphis, Tenn. |
$35,142 |
Student |
45.3% |
32.4% |
12.4% |
7.7% |
2.3% |
|
New Orleans |
$36,648 |
Student |
44.9% |
31.4% |
14.8% |
7.7% |
1.2% |
|
Richmond, Va. |
$33,666 |
Student |
40.3% |
33.8% |
16.4% |
8.4% |
1.0% |
|
Raleigh, N.C. |
$34,574 |
Student |
47.8% |
26.6% |
14.7% |
8.4% |
2.6% |
|
Cleveland |
$34,082 |
Student |
46.5% |
29.1% |
15.8% |
7.5% |
1.2% |
|
Orlando, Fla. |
$32,084 |
Student |
39.2% |
35.6% |
16.4% |
7.2% |
1.5% |
|
Riverside, Calif. |
$31,423 |
Auto |
27.7% |
43.5% |
17.6% |
9.7% |
1.5% |
|
Seattle |
$31,260 |
Auto |
30.8% |
37.4% |
19.5% |
10.7% |
1.7% |
|
Portland, Ore. |
$30,755 |
Student |
40.9% |
33.5% |
17.3% |
7.3% |
1.1% |
|
San Francisco |
$31,697 |
Student |
34.7% |
31.3% |
21.9% |
11.0% |
1.1% |
|
San Diego |
$31,470 |
Auto |
31.2% |
35.9% |
21.6% |
9.8% |
1.5% |
|
Miami |
$32,910 |
Student |
40.7% |
31.4% |
18.6% |
8.0% |
1.4% |
|
Louisville, Ky. |
$31,939 |
Student |
43.9% |
31.5% |
14.4% |
8.5% |
1.8% |
|
Providence, R.I. |
$30,094 |
Student |
38.6% |
30.8% |
18.7% |
11.0% |
0.9% |
|
Salt Lake City |
$31,174 |
Auto |
31.2% |
41.2% |
17.7% |
8.2% |
1.7% |
|
Detroit |
$33,052 |
Student |
48.4% |
25.2% |
16.3% |
8.9% |
1.2% |
|
New York |
$32,737 |
Student |
44.6% |
22.3% |
21.6% |
10.6% |
0.9% |
|
Los Angeles |
$30,111 |
Auto |
33.5% |
33.6% |
21.1% |
10.1% |
1.8% |
|
Sacramento, Calif. |
$29,160 |
Auto |
31.6% |
37.0% |
19.2% |
10.4% |
1.8% |
|
San Jose, Calif. |
$28,399 |
Auto |
24.1% |
37.7% |
26.5% |
10.4% |
1.4% |
|
Average |
$34,642 |
40.0% |
32.9% |
16.8% |
8.8% |
1.5% |
|
