Average mortgage debt, credit card balance by generation

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Generation X is often overlooked in debates comparing Baby Boomers and Millennials to Generation Z.

Here’s one way Gen X stands out, although it’s probably not for the reason this overlooked group would like: By most measures, the so-called lazy people who came of age in the 1980s are currently having a lot. more debt than their older and younger counterparts.

According to the new “State of Credit 2021” report from Experian, one of the top three credit bureaus, Gen Xers have, on average, the highest credit card debt and levels of mortgage debt and not mortgage debt. highest mortgage of all generations.

Average credit card debt, by generation

• Generation Z (16 to 24 years old): $ 2,312
• Generation Y (millennials, 25 to 40 years old): $ 4,569
• Generation X (41 to 56): $ 7,236
• Boomers (57 to 75): $ 6,230
• Silent Generation (76 years and over): $ 3,821
• American average: $ 5,525

Average mortgage debt, by generation

• Generation Z: $ 192,276
• Generation Y: $ 255,527
• Generation X: $ 259,100
• Boomers: $ 198,203
• Silent generation: $ 163,254
• American average: $ 229,242

Average non-mortgage debt, by generation

• Generation Z: $ 12,524
• Generation Y: $ 28,317
• Generation X: $ 32,898
• Boomers: $ 24,136
• Silent generation: $ 11,725
• American average: $ 25,112

Gen Xers are between 41 and 56 years old now. This means they are in the best earning years for a standard career. Even so, it is understandable that they have more debt than other generations.

Gen Xers are likely to simultaneously pay for their children’s college education and pay off their own student loans, while also making mortgage payments (maybe even on a vacation home), and perhaps helping out as well. their parents to make ends meet as they get older. Plus, Gen X has made up the largest share of new vehicle buyers during the surge in demand for cars over the past 18 months or so, Experian recently noted.

In other words, many of this sandwich generation are living the most expensive years of their lives. So it makes sense that they have a lot of debt.

The good news is that average credit card debt is down from pre-pandemic times for all generations, including Gen X. Overall, average credit card debt issued by banks in 2021 is $ 5,525, a decrease of nearly $ 1,000 from 2019, when it was $ 6,494. For Gen X, the average card debt has increased from $ 8,365 in 2019 to $ 7,236 in 2021.

On the other hand, mortgage debt is on the rise everywhere. Average U.S. mortgage debt has grown from $ 210,263 in 2019 to $ 229,242 in 2021, while for Gen X the numbers have jumped from $ 240,053 to $ 259,100. I guess that’s to be expected given the scorching state of the real estate market, with median selling prices of $ 40,000 to $ 50,000 in the past year alone.

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