...
By Aliss Higham
Reporter
0
Share
Newsweek is a Trust Project member
See more of our trusted coverage when you search.Prefer Newsweek on Googleto see more of our trusted coverage when you search.
A new study has found that three Texas cities have the highest average non-mortgage debt in America.
The research conducted by LendingTree found that Austin, San Antonio and Houston are the top three largest American cities where residents have the highest average debt. Surveying credit reports of about 210,000 people, it found that all three cities have considerably higher rates than the national average of $37,827.
Non-mortgage loan debts include auto, student, credit card and personal loan debt. Austin has the highest average, with $45,920, followed by San Antonio on $44,812, and Houston with $44,640. Dallas also makes the top 10, coming in at number six with an average non-mortgage debt rate of $43,901.
Read More on News
Auto loan debts make up most of this amount. Debtors in San Antonio are struggling the most with auto debts, with an average of $18,303, compared to Austin's $17,144 and Houston's $16,357. Credit card debts are the highest in Austin, whereas Houston residents have the biggest rate of student loan debt among the top three.
...
Three cities in Florida also make the top 10 list of cities with the highest amounts of debt, with Miami, Orlando and Tampa coming in at fourth, seventh and tenth respectively. Elsewhere, Atlanta, Georgia, comes in at fifth, Washington, D.C. ranks at number eight, while Riverside, California, comes in at number nine.
San Jose ranked as the city with the least amount of non-home loan debt, where the average resident has $26,704 owed. It also has among the lowest student loan debt amounts in the top 50 metros, with an average of $5,033, as well as comparatively low rate of $2,923 for personal debts.
Other metro areas that rank at the bottom of the table include Hartford, Connecticut, and San Francisco, California.
Among all 50 U.S. metro areas, 97.1 percent of residents have some form of non-mortgage debt. Credit cards are by far the most likely cause of debt, with 85.5 percent of city residents having some. Vehicle loans are outstanding for 45.4 percent, while student and personal loans are held by 25.7 percent and 24 percent of city dwellers respectively.
Austin again comes out on top when it comes to how much of its population has outstanding dues, ranking number one with 98.3 percent of residents holding some form of debt that isn't owed on a home purchase. However, the difference is minimal between Austin and Louisville, Kentucky, which is 50th on the table, and has 95.8 percent of its residents in debt outside of homeownership.
Inclusive of mortgages, the Federal Reserve Bank of New York's latest report on household debt and credit, total household debt for the second quarter of 2024 increased by $109 billion on the previous quarter, bringing the total to $17.80 trillion. Mortgage balances rose by $77 billion, reaching $12.52 trillion, while auto loans saw an increase of $10 billion, totaling $1.63 trillion. Credit card balances climbed by $27 billion, reaching $1.14 trillion.
View 0 Comments
Submit Correction
View Editorial & AI Guidelines