Nearly three-quarters of millennials owe more than $100,000, mostly not from mortgages: report – The Hill

Story at a glance

  • The results of a new survey from the Real Estate Witch show that nearly three-quarters of millennials have debts over $100,000.

  • Most of this debt is non-mortgage debt.

  • But while millennials have a significant amount of debt, many are optimistic that they will be able to pay it off over the next five years.

Recession, inflation, and the housing market are out of reach — millennials are no strangers to financial anxiety.

A recent report by the Real Estate Witch showed that most members of Net Generation are also saddled with huge amounts of debt, adding to their financial problems.

The study found that most millennials have debts of more than $100,000, most of which are not tied to a mortgage.

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According to the report, more than 70 percent of millennials have some form of non-mortgage debt with an average millennial debt of $117,000.

Nearly half of millennials, or 48 percent, reported having 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 percent of millennials having some Debt on a credit card.

While most millennials have accumulated a significant amount of debt, the bulk of millennials, 63 percent, believe they can pay it off over the next one to five years.

Meanwhile, fewer, roughly one in 10, estimate that it will take them more than 10 years to repay their debt while one in 16 believe they will never be able to repay their debt.

To make matters worse, nearly one in three millennials, or 29 percent, admit to not paying their credit card in full each month.

According to the report, among millennials with credit card debt, the average amount owed is $5,349.

The report also found that millennials spend an average of 47 percent of their total monthly income on housing each month, about 1.5 times more than the recommended 30 percent.

Only 10 percent of survey respondents said they had never had debt, which means that 90 percent of millennials have had some type of non-mortgage-related debt in their lifetime.

The survey found that among the 28 percent of millennials who have no debt, one in three have not had debt while one in four have paid off their debt within the past year.

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Posted on August 02, 2022

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