Households under 35 years old experienced the fastest growth in homeownership than any other age group during 2019, according to the Federal Reserve Board.
The Fed’s Survey of Consumer Finance also found that overall, 42% of households had home mortgage debt compared with 37% with auto loan debt.
The overall share with home mortgage debt remained virtually unchanged from 2016 to 2019 at 42%, while the share of all households with auto loans increased from 34% to 37%.
In 2019, the share of young households with auto loans rose to the highest level since 2010, when the percentage of young households with auto loans (32%) dipped below the percentage with home mortgage debt (34%). The share of households under the age of 35 with auto loan debt has steadily increased in the years following.