Millennial Car Debt: The 5 Cities With the Most Debt for Generation
By Wade Thiel
5. Baton Rouge, Louisiana
The only city in the top five that isn’t located in the state of Texas, Baton Rouge in Louisiana has some pretty surprising stats when it comes to Millennial automotive debt.
The city is home to about 230,000 people, and the Greater Baton Rouge has a population of about 825,000. Millennials make up a significant portion of that population, too.
According to data from the Brookings Institution reported on by Quartz, Baton Rouge is on the publication’s list of places with the most Millennials in the country, with the city having 26.1 percent of its population fitting into the category. With over half of those young people in serious automotive debt it constitutes a significant number of people in the area.
Located on the Mississippi River in between Lafayette and New Orleans, Baton Rouge is the capital city of Louisiana and a city known for its Antebellum landmarks and Louisiana State University (LSU). The Millennials in that population aren’t doing so hot when it comes to car debt.
According to Lending Tree’s study, around 58.9 percent of Millennials in Baton Rouge have some kind of auto debt. The median auto debt in Baton Rouge is $20,124. The average auto loan debt for the same group of people in the city and the greater area is $25,732. That’s only a few dollars less than the next city on the list.