Millennial Car Debt: The 5 Cities With the Most Debt for Generation

4 of 6

3. El Paso, Texas

Bordering the Mexican city of Juarez, El Paso, Texas, is located right on the Rio Grande river. It has a population of 679,000. The greater El Paso area has a population of about 837,000. If you combine El Paso and its close neighbor Juarez you’re looking at more than 2.7 million people, though the Juarez, Mexico, residents weren’t included in the study.

Quartz noted data from the Brookings Institution that showed El Paso is one of the areas of the country that has the highest number of Millennials. The city has 26 percent of its population fall into the category. That total would equate to over 217,000 people.

Of the Millennials actually living in El Paso, 61.9 percent of them have some kind of auto loan debt. The median number for that debt is $20,544, according to Lending Tree’s study. The average car debt for Millennials in the community is $27,010, which actually higher than the next city on this list, Houston.

Despite the bad news about El Paso’s Millennial auto loan debt, the El Paso Times reported that RewardEpert ranked El Paso as one of the best cities for Millennials with student loan debt to start their career. That means that despite the city having high levels of debt, there’s hope that Millennials will be able to prosper in the city regardless.