Top 20 Metropolitan Areas with the Most Auto Loan Debt for Gen Z and Gen X
The latest study conducted by LendingTree has revealed some eye-opening statistics about the debt burden carried by different generations in the United States. Gen Z, the youngest generation included in the study, is already feeling the weight of financial obligations, particularly when it comes to auto loan debt.
According to the study, a significant 47.5% of Gen Zers have an auto loan, with a median car loan debt of $17,402. The study also highlighted the top 20 metropolitan areas where Gen Z has the most auto loan debt, with Phoenix leading the pack with a median balance of $19,226 and 53.0% of Gen Zers carrying debt.
Other cities on the list include San Diego, Baton Rouge, Riverside, Los Angeles, Seattle, Miami, Dallas, San Francisco, Houston, and more. Interestingly, El Paso, Texas, stands out with a high percentage of Gen Zers (60.3%) carrying auto loan debt.
For those looking to pay off their auto loan debt sooner, the study also provided some helpful tips, including creating or adjusting a budget, automating payments, considering refinancing, and even downsizing the vehicle if necessary. It’s essential to prioritize debt repayment strategically and avoid prepayment penalties.
As Gen Z continues to navigate their financial responsibilities, it’s crucial for them to stay informed and proactive in managing their debt to secure a stable financial future.
