Yahoo Finance Most Gen Zers are in debt: Analysis
Despite their young age, the overwhelming majority of Generation Zers have some type of debt, according to a new analysis from online marketplace LendingTree.
Among Gen Zers living in the 100 largest metropolitan areas, the median percentage with nonmortgage debt is just over 97 percent, the analysis found.
And the median nonmortgage debt of those Gen Zers hovers at around $16,560.
Gen Zers are more likely to have credit card debt than any other type of debt, with 80.8 percent of the country’s youngest adults owing money on a credit card, according to the analysis.
The median amount Gen Zers in the 100 largest metro areas owe on a card is $2,076, but in places like Oxnard, Calif.; Bridgeport, Conn.; and Cape Coral, Fla., the median credit card debt amount is more than $3,000.
Gen Zers are also fairly likely to be in debt related to car ownership, with around 47 percent of the country’s youngest adults having auto loan debt at a median amount of $17,402, according to the analysis.
In some cities, like McAllen, Texas; Memphis, Tenn.; Scranton, Pa.; and San Jose, Calif., the median amount of auto loan debt among Gen Zers is higher still, ranging between about $21,000 and $29,000.
Gen Zers are less likely to have student loan debt compared to older generations, but are still burdened by it.
Around 37 percent of Gen Zers living in the 100 largest metro areas have student loan debt, with the median balance being $12,172, according to the analysis.
In places like Boston and New Haven, Conn., Gen Zers owe a median balance of more than $20,000 in student loans.
About 17 percent of Gen Zers have personal loan debt, a higher share than in any other generation, with young adults living in the nation’s 100 largest metropolitan areas owing a median amount of $1,743 in this type of debt.
LendingTree wrote the analysis using about 428,000 anonymized credit reports of LendingTree users.
Copyright 2024 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
For the latest news, weather, sports, and streaming video, head to The Hill.
