A new study shows that nearly all retired-age adults in the U.S. still have nonmortgage debt, with some metros seeing especially high levels.
The study, conducted by financial company LendingTree, examined 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.
Key findings
What we know:
According to the analysis, nearly all (97.1% of U.S. adults of retirement age – 66 to 71 years old – still had a median nonmortgage debt of $11,349.
They found that an average of one-third (33.3%) of this debt came from auto loans. According to a previous LendingTree study, auto loan debt in the U.S. increased by nearly 80% between 2014 and 2024.
Meanwhile, 31.7% of the debt was from credit card balances, 15.6% from student loans and 13% from personal loan balances.
What they’re saying:
“The combination of a fixed income, stubborn inflation, rising auto prices and sky-high interest rates on both cars and credit cards has created this perfect storm that has left many, many Americans wrestling with debt,” Matthew Schulz, LendingTree’s chief analyst, said in a statement.
Texas, Florida have highest median retirement-age debt
What we know:
Texas and Florida had seven metros among the 10 with the highest median retirement-age nonmortgage debt.
Older San Antonio adults had the highest median nonmortgage debt at $18,107, ahead of Jacksonville, Fla. ($17,811), and Dallas ($16,985).
In contrast, Salt Lake City ($6,717), San Jose, Calif. ($6,731), and Portland, Ore. ($6,782), had the lowest median nonmortgage debt.
What they’re saying:
Schulz added, “The income that you brought in during your high-earning years will play a huge role in determining your financial security in your golden years.”
Metros where retirement-age adults carry the most nonmortgage debt
- San Antonio, Texas: $18,107
- Jacksonville, Florida: $17,811
- Dallas, Texas: $16,985
- Houston, Texas: $16,101
- Orlando, Florida: $15,945
- Riverside, California: $15,727
- New Orleans, Louisiana: $15,108
- Austin, Texas: $15,046
- Miami, Florida: $14,397
- Memphis, Tennessee: $14,204
Debt continues to increase for Americans
Big picture view:
Household debt is increasingly becoming a source of stress for millions of Americans, according to another study by WalletHub published in November.
The financial data company found that nearly half of Americans (48%) reported that their household debt was negatively impacting their health.
The study also found that Americans were struggling to keep up. A majority of Americans (58%) admitted they were struggling to manage their debt.
This could include challenges in making monthly payments on time, staying within budget, and avoiding high-interest fees that come with credit card balances.
