Millennials are swamped in debt, and it's not just student loans
- Millennials are swamped in all kinds of debt, a new survey from Insider and Morning Consult has found.
- The survey is part of Insider's new series, "The State of Our Money," which looks at financial health among Americans.
- Mortgage is their biggest debt - half of respondents with a mortgage owe more than $100,000.
- Nearly as many millennials have a mortgage as ones that have undergrad student loan debt - around 28%.
- Read more personal finance coverage.
Slightly more than half of millennial respondents carry credit card debt. Of those with credit card debt, more than half owe less than $5,000 and nearly a quarter owe $5,000 to $10,000.
But a mortgage is typically millennials' biggest debt. Of millennial respondents with a mortgage (27.7%), 23% owe $50,000 to $100,000, and half owe more than $100,000.In fact, nearly as many millennials have a mortgage as ones that have undergrad student loan debt (28.4%). Slightly more than half owe between $5,000 and $30,000 on their undergrad student loans. That's not to mention postgrad student debt, which 11% of millennial respondents have.
more than doubled since the 1980s. A recent SuperMoney report analyzed data from the US Federal Housing Agency and found that the median price of home sales has increased by 39% since the 1970s.Meanwhile, national health care costs per person have increased by $9,000 in the same time frame, according to the report's analysis of National Health Expenditure data. That might partly explain why nearly a quarter of millennials have had to take out personal debt or a line of credit or medical debt, according to the Insider and Morning Consult survey.Advertisement
And 41% of millennials have a car loan - more than 34% of overall respondents, the survey found. A third of millennials with car loans owe between $10,000 and $20,000.
Car prices have also increased over time but not as drastically - from November 2006 to November 2016, prices for new cars increased by 5%, according to the Bureau of Labor Statistics. That more millennials have car loan debt could be because Gen X and baby boomers have paid off their car loans by now.Advertisement