(News Nation) — Mortgages are Household debt but, New Analysis Most Americans owe thousands of dollars in debt beyond their mortgage, with Gen Xers showing the highest debt loads.
According to online lending marketplace LendingTree, the median non-mortgage debt in the 100 largest U.S. metropolitan areas is $24,668. Gen Xers (ages 44 to 59) had $33,859 in debt, the highest among the four generations surveyed.
Millennials are not far behind, with $30,558 in non-mortgage debt, including credit cards, auto loans, student loans, and personal loans.
Debt levels also vary widely by region: Consumers in McAllen, Texas, have the highest auto-related debt of any generation, according to Lending Tree research.
Gen Zers living in Northeastern cities like Boston and New Haven, Connecticut had the highest student loan debt, while millennials in Southeast cities like Durham, North Carolina, and Atlanta, Georgia had higher student loan balances.
The analysis is based on more than 428,000 anonymized credit reports from LendingTree customers across the 100 largest metropolitan areas of the U.S. The credit reports span the periods from Oct. 1, 2023 to March 31, 2024.
According to LendingTree, here are the median non-mortgage debt balances by generation:
- Gen Xers (ages 44-59): $33,859
- Millennials (ages 28-43): $30,558
- Baby Boomers (ages 60-78): $18,779
- Generation Z (18-27 years old): $16,562
Gen X debt situation
Among all generations in the 100 largest metropolitan areas, Gen X has the highest median non-mortgage debt at $33,859. This generation also has the highest percentage of people with debt, with nearly 99% carrying some kind of debt, according to Lending Tree research.
Gen Xers led the way in three of the four categories analyzed: This age group, 44 to 59 years old, had the highest median credit card, auto loan, and student loan balances.
The most indebted are: Four of the five cities with the most Gen X debt are in Texas. Topping the list is McAllen, where the median debt for Gen X is $46,166. Large auto loans appear to be a major factor in the Lone Star State, with the typical car debt for Gen X hovering around $29,000 in several cities.
Gen Xers had the highest credit card balances in the Northeast and Florida, with Bridgeport, Connecticut ($8,669) and New York City ($7,922) leading the way, followed by Miami ($7,797), Lakeland ($7,777) and Cape Coral, Fla. ($7,714).
While only 25% of Gen Xers still have student loan debt, the average balance is $31,066, the highest of any generation.
Millennial debt situation
Although millennials have been accumulating debt for less time than Gen Xers, their median non-mortgage debt balance of $30,558 is still well above that of the much older baby boomer generation.
Student loans and auto loans are the main challenges for those ages 28 to 43. Millennials have the second-highest auto loan debt across all generations, with nearly 60% owing an average balance of $20,826.
Although Millennials have a lower average student loan balance than Gen Xers, they are the most likely to have this type of debt. Over 38% of Millennials have student loan debt, with the average balance being $24,112.
The most indebted are: Three of the top five cities are in Texas, with El Paso coming out on top: Millennials in this West Texas city have a median non-mortgage debt balance of $42,982.
Here again, auto loans tell a lot: Five of the six US cities where millennials have the most auto loans are in Texas, according to the analysis.
When it comes to student loans, millennials in Washington, D.C., have the most debt, at $31,895. Following the capital city are Durham ($30,606) and Raleigh ($30,119) in North Carolina, Atlanta ($29,724), and Columbia, South Carolina ($29,353).
Baby Boomer Debt Situation
Despite being the oldest generation in this analysis, Baby Boomers have significantly less non-mortgage debt than Gen Xers and Millennials, with a median debt balance of $18,779 across the nation’s major metros.
Those ages 60 to 78 are the most likely to have credit card debt, with 93% saying they have it. Their median debt is $4,862, the second highest of any generation surveyed.
Baby Boomers are faring better when it comes to student loan debt, with only 11% still having debt. They’re also less likely to have auto debt, with 48% having auto debt, the second-lowest of any generation.
The most indebted are: McAllen, Texas ($33,020) again topped the list, followed by Augusta, Georgia ($29,754), San Antonio ($28,524), Austin ($26,686) and Dallas ($25,965).
Baby Boomers have the lowest percentage of personal loans but the highest debt balance, at a median of $5,363. In Honolulu, Hawaii, personal loan debt is a staggering $12,676.
Gen Z’s debt situation
The youngest generation surveyed has the lowest debt amount ($16,652), but the vast majority, 97%, still have debt.
When it comes to student loans, Gen Z has significantly less debt than other generations, with an average balance of $12,172, roughly half the student loans of millennials. That’s in part because many 18-27 year olds are still in college, and in part because they’re still in college. Likely to attend in the first place.
Gen Zers are also significantly more likely to have auto loans, with about 47% of the nation’s youngest adults carrying a median auto loan amount of $17,402, according to the analysis.
The most indebted are: McAllen ($27,781) and El Paso, Texas ($22,476) topped the list for Gen Z, but the rest of the top 10 cities were more geographically diverse than the other generations. Cities such as Cape Coral, Florida ($21,208), Harrisburg, Pennsylvania ($21,178) and Syracuse, New York ($21,116) also had the highest debt among Gen Z.
Young people in the Northeast have particularly high student loan debt, with Boston ($20,986) ranking first, followed by New Haven ($20,173), Bridgeport ($19,250) and Hartford, Connecticut ($18,481).
