Nearly three-quarters of millennials have more than $100,000 in debt, most not from mortgages: report – The Hill
The story at a glance
- Results of a new survey from the Real Estate Witch site show that nearly three-quarters of millennials have more than $100,000 in debt.
- Most of this debt is non-mortgage debt.
- But while millennials have a lot of debt, many are optimistic about their ability to pay it off over the next five years.
Recessions, inflation and an out of reach housing market – millennials are no stranger to financial anxiety.
A recent report by the Real Estate Witch site shows that most members of the Net Generation are also struggling with huge debts, which adds to their money troubles.
The study found that most millennials have more than $100,000 in debt, most of which is unrelated to a mortgage.
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More than 70% of millennials have some form of non-mortgage debt, with the average millennial owing $117,000, according to the report.
Almost half of millennials, 48%, said they had some form of student loan, with the average person owing $126,993, but the most common type of debt was credit card debt, with 67% of millennials having one. certain debt on a credit card.
While most millennials have accumulated a large amount of debt, the majority of millennials, 63%, believe they can pay it off within the next five years.
Meanwhile, a smaller number, almost one in 10, believe it will take them more than 10 years to pay off their debts while one in 16 believe they will never be able to repay what they owe.
To make matters worse, nearly one in three millennials, or 29%, admit to not paying off their credit card in full each month.
According to the report, among millennials with credit card debt, the average amount they owe is $5,349.
The report also found that millennials spend an average of 47% of their gross monthly income on housing each month, about 1.5 times more than the recommended 30%.
Only 10% of survey respondents said they’ve never been in debt, which means 90% of millennials have had some sort of non-mortgage debt in their lifetime.
Of the 28% of Millennials who are debt-free, one in three have never had debt while one in four have paid off their debt in the past year, the survey found.
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Posted on August 02, 2022
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