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Senior Debt Levels Increase Threefold Over Past 35 Years

Senior Debt Levels Increase Threefold Over Past 35 Years

Adults aged 65 to 74 hold an average of $134,950 in debt, while individuals 75 and older hold an average of $94,620 in debt, according to Federal Reserve data analyzed by MarketWatch.

By the numbers: Nearly 65 percent of Americans 65 to 74 held debt in 2022, compared to about half of seniors 75 and older who held debt.

  • In comparison, less than half of the population aged 65 to 74 held debt in 1989.
  • That same year, only 21 percent of older adults 75 and up were in debt.

Go deeper: Consumers aged 65 to 74 held an average of $175,670 in home loans in 2022, per the Federal Reserve data. Other types of debt included installment loans, car loans, credit cards and medical debt.

  • Nearly a quarter of adults aged 75 and older held mortgages in 2022, the highest percentage since 1989. The average mortgage balance among these older adults decreased from $144,910 in 2019 to $138,700 in 2022.

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Darryl Hicks

Darryl Hicks is Vice President of Communications for the National Reverse Mortgage Lenders Association. In this capacity, Hicks writes for NRMLA's publications, manages the association's web sites and social media accounts, assists committees and the Board of Directors, and manages the Certified Reverse Mortgage Professional designation. Prior to joining NRMLA in 1999, Hicks spent three years in the Washington, D.C. bureau for National Mortgage News.