For millennials, the capital can sometimes feel like a city of debt. A new study by the online lending market LendingTree shows that millennials in the Austin metropolitan area have the third highest personal debt among millennials in the country’s 50 largest metros.
The greater Austin area ranked 3rd for the highest amount of non-mortgage debt, according to LendingTree, at $ 26,164. The highest percentage of personal debt in Austin is auto loans (37.1 percent) and of course student loans (35.4 percent). Next up are credit cards (18.1 percent), followed by personal loans with 7.6 percent and “Other” with 1.8 percent.
“The millennial generation makes up the younger part of adults, and as they build their careers, families and communities, they do so with personal debt,” said Kali McFadden, senior research analyst at LendingTree, in a press release.
While Austin ranked high, San Antonio actually ranked first on the report. In the San Antonio area, the average non-mortgage debt for millennials was $ 27,122, according to the study. Auto loans accounted for 43.2 percent of the average millennial debt in the region, with student loans accounting for 30.2 percent, credit cards for 14.8 percent, personal loans for 9.4 percent, and “other” 2.4 percent.
Millennials in Texas’ other major metropolitan areas are not much better off than their counterparts in San Antonio when it comes to debt like student and auto loans, the study shows. In 4th place was Houston ($ 25,978) and Dallas-Fort Worth came in 6th ($ 25,939).
As in San Antonio, Houston millennials had a large portion of debt devoted to auto loans (42.5 percent), while student loan debt was only 29.9 percent. The share of credit card debt was 16 percent, personal loans 9.5 percent and “other” 2 percent.
The story was similar in Dallas-Fort Worth, though student loan debt was higher (33.3 percent) than San Antonio or Houston. In DFW, the debt for car loans was 39.9 percent, the debt for credit cards was 16 percent, the debt for personal loans was 8.8 percent and “other” was 1.9 percent.
Among the 50 largest metros, the median thousand-year debt was $ 23,064.