The median nonmortgage debt in the 50 largest U.S. cities is nearly $17,000, and one generation ranks highest for carrying debt, according to a new analysis.
Researchers with LendingTree analyzed about 400,000 randomized credit reports from its users in the 50 largest U.S. metro areas to examine nonmortgage debt by generation and where balances are highest.
What Types of Debt Are People Carrying?
Gen Xers had the highest median nonmortgage debt balance at $24,723, followed by millennials at $21,842. Gen Zers had a median balance of $11,854, while baby boomers had $10,898.
Gen Xers also had the highest median nonmortgage debt in 45 of the 50 metro areas analyzed. Millennials ranked highest in the other five.
Baby boomers had the highest rate of credit card debt across the 50 largest metros: 91.9%, compared with 72.1% of Gen Zers. But Gen X cardholders had the highest median balance, at $6,124. Gen Xers in San Diego had the country’s highest median balance at $7,931 — the highest for any generation in any metro area analyzed.
Gen Xers carried the most auto loan debt, with nearly half (48.1%) having a loan and a median balance of $23,254. Houston Gen Xers had the highest median balance at $29,464, while San Antonio was the top city for other generations. Millennials had median balances of $26,257, baby boomers had $25,968 and Gen Zers had $21,656.
Student loan debt was most common among Gen Z and millennials, with nearly 32% of both generations having a loan, compared with 20% of Gen Xers. But Gen X borrowers had the largest median balances: $37,939, compared with $16,592 among Gen Z borrowers. Gen X borrowers in Richmond, Virginia, had the highest median balance, at $51,097.
Why Does Gen X Have the Most Debt?
Many Gen Xers are being pulled in several financial directions at once: supporting their children and elderly parents while trying to build their own retirement savings, said Matt Schulz, LendingTree’s chief consumer finance analyst.
“All of that means very little cash is left over to build emergency funds and pay down credit cards, car loans and other types of debt, so it should really be no surprise that Gen Xers have more nonmortgage debt than any other generation,” Schulz told USA TODAY.
Many Gen Xers are still in their peak earning years and have strong credit scores, making them attractive to lenders and giving them easier access to credit than other generations, Schulz said.
“That can be a double-edged sword, though. It can give them some much-needed flexibility, but it can also make it really easy for debt to pile up quickly,” he said.
Which Cities Have the Highest Median Credit Card Debt?
Here are the metro areas with the highest median credit card debt for each generation:
Gen Z
- San Diego: $2,391
- Denver: $2,342
- San Jose, California: $2,299
- New York: $2,291
- Seattle: $2,290
Millennials
- Denver: $4,976
- Austin: $4,829
- Miami: $4,652
- Boston: $4,593
- San Diego: $4,554
Gen X
- San Diego: $7,931
- Denver: $7,689
- Miami: $7,588
- Austin: $7,452
- San Francisco: $7,365
Baby boomers
- Miami: $6,505
- Houston: $6,034
- Austin: $5,968
- Riverside, California: $5,812
- Jacksonville, Florida: $5,539
Many People Keep Debt a Secret
In a separate study, nearly 1 in 2 respondents with debt (48%) said they had kept it secret from someone close to them. Among respondents with credit card debt in a study shared exclusively with USA TODAY by Freedom Debt Relief, 62% said it was the most stressful debt they had carried.
Nearly 1 in 4 respondents (23%) had hidden a debt, or its true size, from a partner or spouse. Thirty-five percent hid debt from a parent or family member, and 22% hid it from a friend.
Fear of being judged makes it hard to talk about financial struggles, take an honest look at what is owed and seek help, said Jason Pack, chief revenue officer of Freedom Debt Relief.
“These delays in addressing the problem mean our debts continue to grow, deepening the shame many of us felt in the first place,” he told USA TODAY.
“When our credit cards become intertwined with how we see ourselves, debt struggles can feel like personal failures. That can lead to self-doubt and a reluctance to confront these challenges or explore options. Breaking that cycle starts with understanding that seeking help with debt is itself a responsible decision and doesn’t have to be a source of shame,” he said.
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