Millennial Car Debt: The 5 Cities With the Most Debt for Generation
By Wade Thiel
2. Houston, Texas
The most populous city in the state of Texas with a population of about 2.2 million and growing, Houston is a vibrant and bustling city that extends all the way down to Galveston Bay and the Gulf of Mexico. According to the Houston Agent Magazine, data from the Brookings Institution shows that Houston is one of the cities that Millennials are flocking to.
The Brookings Institution data showed that the Millennial population in Houston rose by 11.7 percent from 2010 to 2015. Houston Agent Magazine also noted that there’s a large portion of the Millennial population that doesn’t own property. Instead, they’re renting, living with friends or relatives. The Millennials in this great city have managed to rack up quite a lot of auto loan debt placing it second on Lending Tree’s list for the highest Millennial auto loan debt.
According to the study, Houston’s Millennials average auto loan debt sits at a high $26,471. The median car debt in that city manages to reach $20,925. The percentage of Millennials with a balance in Houston is a high 59.3 percent.
While Houston’s numbers aren’t quite as bad as the next city’s, they manage to be a little higher than El Paso’s.