Millennials are more than $100K in debt, most not from mortgages: report (2024)

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Millennials are more than $100K in debt, most not from mortgages: report? ›

More than 70% of millennials have over $100,000 in non-mortgage debt; $117,000 to be exact, according to a recent survey. About half of millennials have student loans. The average balance among these individuals is nearly $127,000.

Millennial Debt

The average mortgage balance for Millennials (ages 27 to 42) is the highest among all age groups. This tracks, given that homeowners in this cohort would likely have purchased their home more recently and be closer to the beginning of their amortization period than older homeowners.

According to data on 78.2 million Credit Karma members, members of Generation X (ages 43 to 58) carry the highest average total debt — $61,036.

Millennials Carry Highest Average Mortgage Balance at Nearly $300,000. Millennials continue to face hurdles on their way to homeownership. Even those who managed to find and finance a new home are paying more for the privilege than older generations.

Americans — particularly Millennials and those with lower incomes — are becoming increasingly overextended financially: Credit card and auto loan delinquencies have not only surpassed pre-pandemic levels, they're the highest they've been in more than a decade.

The average personal debt per individual grew from $21,800 in 2023 to $22,713 in 2024, excluding mortgages, according to recent research from financial services company Northwestern Mutual. If you owe over $15,000 in debt, a Debt Relief Program may be able to help get you back on your feet more quickly.

For instance, baby boomers feel more financially responsible than other generations; Gen X is most likely to feel financially insecure; millennials have higher ownership rates of various retirement accounts; and Gen Z is the most comfortable talking to their friends and family about finances.

Millennials stand to become the richest generation in history, after $90 trillion wealth transfer | CNN Business.

Americans collectively owe over $1 trillion in credit card debt. But one generation carries the most, on average: Gen X. The average credit card balance for Gen Xers, defined at those between the ages of 43 and 58, rose to $9,123 in the third quarter of 2023, according to Experian's latest available data.

How do Millennials afford a house? ›

But with nearly two-thirds of retirement-age Americans having paid off their mortgages, it means that the average age they have gotten rid of that debt is likely in their early 60s. Stats from 538.com, for example, suggest the age is around 63.

In fact, according to Census Bureau data, nearly 40% of Americans already have. But are you really better off paying off your home mortgage, or are there strategies you can employ to put yourself ahead even more? Read on to learn more.

Millennials' wealth saw historic growth from 2019 to 2023, a new report says. Despite the pandemic recession, their wealth increased because of factors like a robust labor market. The wealth growth even likely affected lower-income millennials.

Americans collectively owe over $1 trillion in credit card debt, with members of Generation X, on average, owing the most and Gen Zers owing the least, CNBC.com Make It reported.

Americans owe $986 billion on credit cards, surpassing the pre-pandemic high of $927 billion. We owe $11.92 trillion on mortgages, $1.55 trillion on vehicle loans and $1.60 trillion for student loans.

The most common sources of debt financing are commercial banks. Sources of debt financing include trade credit, accounts receivables, factoring, and finance companies.

Consumers in the United States had over 16 trillion dollars in debt as of the third quarter of 2023. The majority of that debt were home mortgages, amounting to approximately 11.4 trillion U.S. dollars.