America's millennial debt hotspots revealed

Study reveals it’s not just student loans that are a burden

America's millennial debt hotspots revealed

Millennials are carrying significant debt with those in the 50 largest US cities averaging $23,064.

But an analysis from LendingTree has found that auto loans are closing in on student debt as the biggest debt burdens; and reveals the cities where millennials are most indebted.

By analyzing anonymized data from its users, the firm discovered that in the top 10 cities, more than half of millennials have outstanding debts totaling $25,000 or more (not including mortgages), and roughly 1 in 4 millennials living in these cities owes more than $50,000.

The South appears to be a millennial debt hotspot with 8 of the top 10 cities in the region; and auto loans are the main source of that debt.

The 10 Places Where Millennials Carry the Most Debt

(Excluding Mortgages)

Rank

Metro

Median

Balance

1

San Antonio

$27,122

2

Pittsburgh

$26,403

3

Austin, Texas

$26,164

4

Houston

$25,978

5

Jacksonville, Fla.

$25,947

6

Dallas

$25,939

7

Washington

$25,810

8

Virginia Beach, Va.

$25,591

9

Oklahoma City

$25,351

10

Columbus, Ohio

$25,129

"The millennial generation makes up the younger portion of adults, and as they build their careers, families and communities, they're doing it encumbered by personal debt," said Kali McFadden, the LendingTree senior research analyst who led the study.

Breakdown of Millennial Debt

(Excluding Mortgages)

Metro

Average

Balance

Biggest Debt Category

Student Debts

Auto

Loans

Credit Cards

Personal Loans

Other

Debts

San Antonio

$38,336

Auto

30.2%

43.2%

14.8%

9.4%

2.4%

Pittsburgh

$38,372

Student

45.7%

28.6%

15.2%

9.2%

1.3%

Austin, Texas

$36,454

Auto

35.4%

37.1%

18.1%

7.6%

1.8%

Houston

$37,323

Auto

29.9%

42.5%

16.0%

9.5%

2.0%

Jacksonville, Fla.

$37,236

Auto

37.1%

38.5%

15.1%

7.8%

1.6%

Dallas

$36,775

Auto

33.3%

39.9%

16.0%

8.8%

1.9%

Washington

$41,872

Student

46.9%

25.9%

17.0%

9.2%

1.0%

Virginia Beach, Va.

$36,323

Student

35.4%

32.1%

18.9%

11.9%

1.8%

Oklahoma City

$35,980

Auto

37.1%

39.3%

13.4%

8.5%

1.6%

Columbus, Ohio

$37,118

Student

48.1%

29.2%

14.6%

7.0%

1.1%

Birmingham, Ala.

$36,776

Student

41.9%

35.0%

12.0%

9.5%

1.5%

Phoenix

$36,281

Auto

35.0%

40.2%

14.8%

8.1%

1.9%

Buffalo, N.Y.

$36,944

Student

46.4%

29.1%

15.9%

7.5%

1.0%

Atlanta

$37,737

Student

46.1%

31.6%

14.0%

6.8%

1.6%

Kansas City, Mo.

$35,369

Student

41.7%

34.1%

15.0%

7.8%

1.4%

Denver

$35,376

Student

40.1%

31.4%

18.3%

9.0%

1.2%

Indianapolis

$36,911

Student

44.2%

31.9%

14.3%

8.3%

1.4%

Charlotte, N.C.

$36,626

Student

42.4%

32.7%

15.1%

8.4%

1.4%

St. Louis

$34,941

Student

42.4%

33.4%

15.0%

8.1%

1.1%

Tampa, Fla.

$36,122

Student

40.2%

35.0%

16.3%

7.0%

1.5%

Cincinnati

$33,275

Student

40.2%

35.0%

14.8%

8.6%

1.4%

Nashville, Tenn.

$36,478

Student

44.4%

31.1%

15.0%

7.3%

2.3%

Hartford, Conn.

$35,110

Student

43.7%

25.5%

18.1%

11.5%

1.2%

Milwaukee

$33,817

Student

48.1%

26.9%

15.9%

7.4%

1.8%

Las Vegas

$35,045

Auto

31.0%

40.1%

18.2%

9.2%

1.4%

Baltimore

$36,417

Student

42.0%

31.6%

16.5%

8.6%

1.3%

Boston

$34,626

Student

46.3%

25.6%

18.6%

8.7%

0.9%

Philadelphia

$36,773

Student

49.1%

24.8%

15.8%

8.9%

1.4%

Minneapolis

$34,490

Student

47.5%

26.8%

14.9%

9.6%

1.2%

Chicago

$34,832

Student

44.1%

28.6%

18.0%

8.4%

1.0%

Memphis, Tenn.

$35,142

Student

45.3%

32.4%

12.4%

7.7%

2.3%

New Orleans

$36,648

Student

44.9%

31.4%

14.8%

7.7%

1.2%

Richmond, Va.

$33,666

Student

40.3%

33.8%

16.4%

8.4%

1.0%

Raleigh, N.C.

$34,574

Student

47.8%

26.6%

14.7%

8.4%

2.6%

Cleveland

$34,082

Student

46.5%

29.1%

15.8%

7.5%

1.2%

Orlando, Fla.

$32,084

Student

39.2%

35.6%

16.4%

7.2%

1.5%

Riverside, Calif.

$31,423

Auto

27.7%

43.5%

17.6%

9.7%

1.5%

Seattle

$31,260

Auto

30.8%

37.4%

19.5%

10.7%

1.7%

Portland, Ore.

$30,755

Student

40.9%

33.5%

17.3%

7.3%

1.1%

San Francisco

$31,697

Student

34.7%

31.3%

21.9%

11.0%

1.1%

San Diego

$31,470

Auto

31.2%

35.9%

21.6%

9.8%

1.5%

Miami

$32,910

Student

40.7%

31.4%

18.6%

8.0%

1.4%

Louisville, Ky.

$31,939

Student

43.9%

31.5%

14.4%

8.5%

1.8%

Providence, R.I.

$30,094

Student

38.6%

30.8%

18.7%

11.0%

0.9%

Salt Lake City

$31,174

Auto

31.2%

41.2%

17.7%

8.2%

1.7%

Detroit

$33,052

Student

48.4%

25.2%

16.3%

8.9%

1.2%

New York

$32,737

Student

44.6%

22.3%

21.6%

10.6%

0.9%

Los Angeles

$30,111

Auto

33.5%

33.6%

21.1%

10.1%

1.8%

Sacramento, Calif.

$29,160

Auto

31.6%

37.0%

19.2%

10.4%

1.8%

San Jose, Calif.

$28,399

Auto

24.1%

37.7%

26.5%

10.4%

1.4%

Average

$34,642

 

40.0%

32.9%

16.8%

8.8%

1.5%