The 30 cities where millennials carry the most debt don’t include New York or San Francisco – Finance
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- Millennials known for the transfer of a large number of student loan debt,
- Analysis of LendingTree data of anonymous credit reports of users concluded that the debt on student loans was the largest share of debt for a thousand years among those who bear it, which is 40% of the total credit and credit balance of a typical millennium.
- LendingTree also broke down where millions of people with the largest debt live in the US, and surprisingly, the top 30 places on the list do not include historically expensive cities such as New York or San Francisco.
- This is because LendingTree included multi-year debts without debt, many of which live in large cities and metro areas.
The most indebted Millennials in the United States live throughout the country – but, apparently, not in New York or San Francisco, two of the most historically expensive cities in America.
This is according to LendingTree Study, in which the researchers analyzed the data of an anonymous credit report from My LendingTree, to find out where the millenniums live with the greatest debt. Researchers considered debt balances, excluding mortgages, people born between 1981 and 1996, and included people with both debts and without them. The calculated debt included personal and student loans, auto and credit card. My LendingTree currently has more than nine million active accounts.
The study concluded that the debt on student loans was the largest share of debt for a thousand years for those who carry it, which is 40% of their total loans and loans.
"Car loans represent a significant proportion of the millennial debt in places where the total debt is generally higher, so it is not surprising that people who live in places with lively public transport systems or even in places where there is no big culture machine will have lower balances " Cali McFadden, LendingTree senior, analyst of Business Insider.
Researchers at LendingTree found that auto loans accounted for 43% of the debt for millennia in Riverside, California, but accounted for only 22% of the debt for millennia living in New York.
"People in expensive cities are also inclined to earn higher salaries, which means that they can pay out larger student loans according to the income-based repayment schedule, even if their monthly expenses are significantly higher than people who live elsewhere, earn less"said McFadden.
Here are the 30 best cities in the United States, where millions of people have the most debt, with the average debt for a thousand years in this city.
30. Chicago, Illinois
Average balance: $ 22,784
29. Minneapolis, Minnesota
Average balance: $ 22,974
28. Philadelphia, Pennsylvania
Average balance: $ 23075
27. Boston, Massachusetts
Average balance: $ 23084
26. Baltimore, Maryland
Average balance: $ 23096
25. Las Vegas, Nevada
Average balance: $ 23,139
24. Milwaukee, WI
Average balance: $ 23,376
23. Hartford, Connecticut
Average balance: $ 23,388
22. Nashville, Tennessee
Average balance: $ 23,429
21. Cincinnati, Ohio
Average balance: $ 23,808
20. Tampa, Florida
Average balance: $ 23,808
19. St. Louis, Missouri
Average balance: $ 24,279
18. Charlotte, North Carolina
Average balance: $ 24,349
17. Indianapolis, Indiana
Average balance: $ 24,353
16. Denver, Colorado
Average balance: $ 24,477
15. Kansas City, Missouri
Average balance: $ 24501
14. Atlanta, Georgia
Average balance: $ 24775
13. Buffalo, New York
Average balance: $ 24,828
12. Phoenix, Arizona
Average balance: $ 24,954
11. Birmingham, Alabama
Average balance: $ 25,014
10. Columbus, Ohio
Average balance: $ 25,129
9. Oklahoma City, Oklahoma
Average balance: $ 25,351
8. Virginia Beach, Virginia
Average balance: $ 25591
7. Washington, D.C.
Average balance: $ 25,810
6. Dallas, Texas
Average balance: $ 25,939
5. Jacksonville, Florida
Average balance: $ 25,947
4. Houston, TX
Average balance: $ 25,978
3. Austin, TX
Average balance: $ 26,164
2. Pittsburgh, Pennsylvania
Average balance: $ 26,403
1. San Antonio, Texas
Average balance: $ 27,122
