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97.1 Percent of Retirement-Age Americans Have Nonmortgage Debt

97.1 Percent of Retirement-Age Americans Have Nonmortgage Debt

A new LendingTree analysis finds that 97.1 percent of U.S. adults between the ages of 66 to 71 have nonmortgage debt.

Why it matters: The study examines what kinds of debts the retirement-age population carries, as well as which of the 50 largest U.S. metros have it worst (and best) in this regard.

By the numbers:

  • Retirement-age adults across the 50 largest metros have a median nonmortgage debt of $11,349.
  • An average of one-third (33.3 percent) of this debt comes from auto loans, while 31.7 percent is from credit card balances and 15.6 percent is from student loans.
  • San Antonio residents have the highest median nonmortgage debt at $18,107, ahead of Jacksonville, FL ($17,811), and Dallas ($16,985), while older adults in Salt Lake City ($6,717), San Jose, Calif. ($6,731), and Portland, Ore. ($6,782), have the lowest debt levels.

Published by

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.