CHARLOTTE, N.C., Sept. 10, 2018 /PRNewswire/ -- LendingTree®,
the nation's leading online loan marketplace, today released its
study on the places where millennials carry the most debt. The
study found that student loans make up the biggest share of
millennial debt, but auto loans are close behind. The study
revealed that the typical urban millennial carries significant
debt; the average debt balance for millennials living in the 50
biggest U.S. cities is $23,064.
LendingTree researchers analyzed anonymized credit report data
of My LendingTree users who live in the 50 biggest metro areas in
the U.S. Looking at debt balances (excluding mortgages) for those
born between 1981 and 1996, they determined:
- Where millennials have the biggest non-mortgage median debt
obligations
- The average breakdown of debt obligations by five different
debt types: student, auto, credit cards, personal loans and
other
The results revealed a snapshot of millennials' debt balances,
along with the major U.S. cities in which millennials are the most
(and least) indebted.
Key findings:
- Millennials in San Antonio,
Pittsburgh, and Austin, Texas, shoulder the largest debt
burdens of the 50 biggest metros, with median non-mortgage
debts of $27,122, $26,403 and $26,164, respectively.
- Three California cities —
San Jose, Sacramento and Los
Angeles — have the lowest median balances on the list at
$18,376, $18,691 and $19,299, respectively.
- Student debt makes up the largest share of millennial
debt, accounting for 40 percent of their total credit and loan
balances. The proportion of student debt was highest in
Philadelphia, at 49.1 percent of
the average debt burden, and lowest in San Jose at 24.1 percent. This was also the
largest debt category for millennials in 35 of the 50 cities
reviewed.
- Auto loan debt was the biggest debt burden of the other 15
metros and averaged about 33 percent of millennials' average
total debt balances. Auto loans accounted for over 43 percent of
the average debt for millennials in Riverside, Calif., and San Antonio, but just over 22 percent of
New York City millennials'
debt.
The U.S. cities where millennials carry the most debt
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.
Millennials in the South appear to be borrowing more — eight of
the top 10 cities are in this region, as defined by the U.S. Census
Bureau. Texas, in particular,
dominates the list of indebted millennials. San Antonio, Austin, Houston and Dallas are among the 10 cities where
millennials owe the most.
The 10 Places
Where Millennials Carry the Most Debt
(Excluding
Mortgages)
|
Rank
|
Metro
|
Median
Balance
|
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
|
Here are the five cities where millennials are taking on the
most non-mortgage debt.
1. San Antonio
Median balance: $27,122
Millennials in this Texas city
had the highest levels of debt in the nation, owing $4,058 more than the median debt balance for
millennials across all 50 cities surveyed.
San Antonio's millennials also
tend to owe the most on their cars, with that accounting for 43.2
percent of their total debt balances.
2. Pittsburgh
Median balance: $26,403
The millennial cohort in Pittsburgh has a higher portion of student
debt, at 45.7 percent, meaning educational loans account for almost
half of what they owe.
3. Austin
Median balance: $26,164
Next is the capital of Texas.
Here, young adults have some of the highest amounts of credit card
debt, accounting for 18.1 percent of their total outstanding
debts.
4. Houston
Median balance: $25,978
Millennials in Houston, like
others in Texas, tend to owe the
most on their car loans. In this city, auto loans make up 42.5
percent of the total balances of millennials' outstanding
debts.
5. Jacksonville,
Fla.
Median balance: $25,947
The largest debts for Jacksonville millennials are their car loans,
which are about on par with student debt. These two types of debt
account for 38.5 percent and 37.1 percent of the totals millennials
owe, respectively.
"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.
To view the full report, visit:
https://www.lendingtree.com/finance/places-millennials-carry-the-most-debt/.
Breakdown of
Millennial Debt
(Excluding
Mortgages)
|
Metro
|
Average
Balance
|
Biggest Debt
Category
|
Student
Debts
|
Auto
Loans
|
Credit
Cards
|
Personal
Loans
|
Other
Debts
|
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%
|
About LendingTree
LendingTree (NASDAQ: TREE) is the
nation's leading online marketplace that connects consumers with
the choices they need to be confident in their financial decisions.
LendingTree empowers consumers to shop for financial services the
same way they would shop for airline tickets or hotel stays,
comparing multiple offers from a nationwide network of over 500
partners in one simple search, and can choose the option that best
fits their financial needs. Services include mortgage loans,
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MEDIA CONTACT:
Megan Greuling
704-943-8208
Megan.greuling@lendingtree.com
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