Despite their young age, the vast majority of Gen Z members are in some sort of debt, according to a new analysis from the online marketplace. LendingTree.
The median share of Gen Zers living in the 100 largest metropolitan areas with non-mortgage debt is just over 97 percent, according to the analysis.
And the median non-mortgage debt for Gen Z is about $16,560.
Gen Zers are more likely to have credit card debt than any other type of debt, with 80.8% of the nation’s youngest adults carrying credit card debt, according to the analysis.
The median card debt owed by Gen Zers in the 100 largest metropolitan areas is $2,076, but in areas like Oxnard, California; Bridgeport, Connecticut; and Cape Coral, Florida, the median credit card debt exceeds $3,000.
Gen Z is also significantly more likely to have debt related to car ownership, with the analysis finding that about 47% of the nation’s youngest adults have auto loan debt, with the median amount being $17,402.
In cities like McAllen, Texas; Memphis, Tennessee; Scranton, Pennsylvania; and San Jose, California, the median auto loan debt for Gen Z is even higher, ranging from about $21,000 to $29,000.
Gen Z is less likely to have student loan debt than previous generations, but the burden is still significant.
The analysis found that about 37% of Gen Zers living in the 100 largest metropolitan areas have student loan debt, with the average balance being $12,172.
In cities like Boston and New Haven, Connecticut, Gen Zers are paying more than $20,000 in average student loan repayments.
About 17% of Gen Zers have personal loan debt, the highest rate of any other generation, with young people living in the 100 largest U.S. metropolitan areas having a median of $1,743 in such debt.
LendingTree created its analysis using approximately 428,000 anonymized credit reports from LendingTree users.
