A new study of Baby Boomers' median debt balances in the 100 biggest U.S. cities finds that it's bigger in Texas. Houston Boomers had the highest median balance in the study, $31,626.
LendingTree's study found that the next highest balances for Boomers were $30,767 in Little Rock, Ark., and $30,000 in San Antonio. These borrowers' have a median balance of more than $25,000 in non-mortgage debts--the greatest shares were for credit card (34.9 percent) and auto loan debts (38.5 percent), MarketWatch reports.
Having debt in retirement is not uncommon: 70 percent of U.S. households headed by people 65 to 74 had debt in 2016, including auto loans, credit card balances and mortgages, according to the Federal Reserve’s Survey of Consumer Finances. Half of households headed by those 75 and older had debt as well.
Advertisement
Related Stories
Economics
Housing Share of GDP in Q1 2024 Rises Above 16%
The increase marks the first time GDP has surpassed 16% since 2022
Economics
Shelter Costs Drive Inflation Higher Than Expected in January
January Consumer Price Index data show inflation increased more than anticipated as shelter costs continue to rise despite Federal Reserve policy tightening
Economics
Weighing the Effects of the Fed's and Treasury's Latest Announcements
The upshot of the Jan. 31 announcements is that while mortgage rates will stay higher for longer, they're likely to hold steady