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LendingTree, an online lending exchange that connects consumers with lenders, recently published a study on baby boomer finances that found boomers living in Houston, Texas; Little Rock, Arkansas; San Antonio, Texas; Dallas, Texas; Oklahoma City, Oklahoma; McAllen, Texas; Austin, Texas; Baton Rouge, Louisiana; Washington, D.C.; and Fresno, California are burdened with the most debt.
LendingTree researchers used anonymized credit report data of My LendingTree users born between 1946 and 1964 who live in the top 100 metropolitan areas, to determine that this generation owes a median total of $25,187 on non-mortgage debts.
Breakdown - Report
Breakdown of the report:
Baby boomers in Houston are the most laden with non-mortgage debt, with a median balance of $31,626. On average, 42.9% of that is owed on auto loans and another 33.1% is on credit cards.
Rock - Ark - San - Antonio - Balances
Little Rock, Ark. and San Antonio round out the top three, with median non-mortgage balances of $30,767 and $29,985, respectively.
Auto loans comprise the biggest section of boomer debt, averaging 38.5% of average debt across the 100 metros we reviewed.
Credit - Cards - Slice - Baby - Boomers
Credit cards represented the next-largest slice of baby boomers’ debt balances, averaging 34.9% across the 100 metros.
As with our other generational debt studies, Texas rules the top of the list for median balances. Five of the six Texas metros we reviewed fall in the top 10 (El Paso comes in 36th on the list).
Baby - Boomers - Debt - Mortgages
Where baby boomers carry the most debt (ex. mortgages)
Boomers in the top 10 cities owe on average $28,000 in non-mortgage debt, this is about 12% higher than the median total. The composition of this debt is split between auto and personal loans.
% - Ten - Cities - South - Texas
About 80% of the top ten cities are located in the South. Five are Texas cities: Houston, San Antonio, Dallas, McAllen, and...
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