Despite their young age, the overwhelming majority of Gen Z members have some type of debt, according to a new online market analysis Loan tree.
Among Gen Zers living in the 100 largest metropolitan areas, the average percentage with non-mortgage debt is just over 97 percent, the analysis found.
And the average non-mortgage debt of Gen Zers is around $16,560.
Gen Z is more likely to have credit card debt than any other type of debt, with 80.8% of the nation’s youngest adults owing money on their credit cards, according to the analysis.
The average amount Gen Z in the 100 largest metro areas owes on a card is $2,076, but in places like Oxnard, California; Bridgeport, Connecticut; and Cape Coral, Florida, the average amount of credit card debt is more than $3,000.
Gen Z is also quite likely to have debt related to car ownership, with about 47% of the country’s youngest adults having car loan debt averaging $17,402, according to the analysis.
In some cities, such as McAllen, Texas; Memphis, Tennessee; Scranton, Pennsylvania; and San Jose, California, the average amount of car loan debt among Gen Z is even higher, ranging between about $21,000 and $29,000.
Gen Z is less likely to have student loan debt compared to older generations, but they are still overwhelmed by it.
About 37% of Gen Zers living in the 100 largest metropolitan areas have student loan debt, with the average balance being $12,172, according to the analysis.
In places like Boston and New Haven, Connecticut, Gen Z owes an average student loan balance of more than $20,000.
About 17 percent of Gen Zers have personal loan debt, a higher percentage than any other generation, with young adults living in the country’s 100 largest metropolitan areas owing an average of $1,743 in personal loan debt. of debt.
LendingTree wrote the analysis using about 428,000 anonymous credit reports from LendingTree users.
This story originally appeared on thehill.com read the full story
