LendingTree Study Finds Millennials in the South Owe the Most on Their Cars

November 6, 2018 at 10:00 AM EST

CHARLOTTE, N.C., Nov. 6, 2018 /PRNewswire/ -- LendingTree®, the nation's leading online loan marketplace, today released its study on where millennials owe the most on their cars.

Auto loans make up the second biggest share of millennial non-mortgage debt, according to LendingTree's recent study on places where millennials carry the most debt. LendingTree researchers next concentrated on that car debt, analyzing anonymous credit report data from My LendingTree users born between 1981 and 1996 and living in the 100 largest metros in the U.S.

LendingTree logo (PRNewsfoto/LendingTree)

The results, ranked by median balance, show where millennials are the most and least burdened by auto debt.

Key findings

  • Even car loans are bigger in Texas. Metros in the Lone Star State dominate the top of the list: McAllen, Houston, El Paso and San Antonio have the highest median auto loan balances for millennials at $23,704, $20,925, $20,544 and $20,521 respectively.
  • Car capital of the world has the lowest auto debt. Ironically, Motor City has the lowest levels of millennial auto debt on our list with a median debt of $10,841 as well as the lowest average debt of $14,573.
  • Great Lakes area metros shine with the least auto debt. After Detroit, millennials in Rochester, N.Y., Grand Rapids, Toledo, Ohio, and Cleveland carry the lowest median auto debts, at $12,165, $12,429, $12,678 and $12,717 respectively.
  • New York and Ogden, Utah. These metros are on opposite ends of the spectrum when it comes to carrying any auto debt at all — New York has the lowest percentage of millennials with auto debt at 41.5 percent while Ogden, Utah has the highest percentage of millennials with auto debt (64.5 percent).

The top 5 places where millennials owe the most on their cars

1. McAllen, Texas

Median balance: $23,704

Right on the border with Mexico, this mid-sized city is one of the poorest communities in the country. Its millennial generation takes the top tier for deep auto debt.

It's not just tops — McAllen is a strong outlier. Millennials here have a median auto debt 13 percent higher than the No. 2 city on this list. Their average balance of $31,598 is shockingly high, $5,000 more than Houston.

2. Houston

Median balance: $20,925

The fourth-largest city in the U.S., Houston has a median balance significantly lower than McAllen, but it's still relatively high. It tops El Paso, No. 3 on the list, by only 1.85 percent on median balance. Across the board, it also has high auto debt numbers, including an average auto loan balance of $26,471.

3. El Paso, Texas

Median balance: $20,544

El Paso is a 12-hour drive west of McAllen on the tri-border between Texas, New Mexico and Mexico. It's the second mid-sized Texas city on the Mexican border to rank in the top three on this list. While its median balance is lower than Houston's, its average balance ($27,010) is 2 percent higher.

4. San Antonio

Median balance: $20,521

The seventh-largest city in the U.S., with two huge Air Force bases, San Antonio also goes by the name "Military City." Plenty of flags in the city are emblazoned with a picture of a cannon and the words "come and take it." This type of culture might be a factor as to why San Antonio ranks high for auto debt, including a total average auto balance of $25,745.

5. Baton Rouge, La.

Median balance: $20,124

The only city in the top five that is not in Texas, Baton Rouge has the smallest population of the five cities with around 824,000 people. Its millennial population has only slightly lower balances than No.4 San Antonio in both median and average balances, the latter of which is $25,732, only $13 less.

To view the full report, visit https://www.lendingtree.com/auto/where-millennials-owe-most-on-cars/.

 

Places Where Millennials Owe the Most on Their Cars Among Those Who Have Auto Loan Balances

Rank

Metro

Median Auto
Balance

Average Auto
Balance

% of Millennials
Who Have a
Current Balance

1

McAllen, Texas

$23,704

$31,598

61.20%

2

Houston

$20,925

$26,471

59.30%

3

El Paso, Texas

$20,544

$27,010

61.90%

4

San Antonio

$20,521

$25,745

61.60%

5

Baton Rouge, La.

$20,124

$25,732

58.90%

6

Little Rock, Ark.

$19,987

$25,225

63.30%

7

Albuquerque, N.M.

$19,298

$25,095

56.60%

8

Dallas

$19,123

$24,228

59.80%

9

Lakeland-Winter Haven, Fla.

$18,578

$23,345

60.30%

10

Phoenix

$18,568

$23,289

59.50%

11

Tucson, Ariz.

$18,305

$22,832

55.60%

12

Birmingham, Ala.

$18,274

$21,924

56.20%

13

Las Vegas

$18,244

$22,818

59.90%

14

Riverside, Calif.

$18,203

$22,969

58.90%

15

New Orleans

$18,160

$22,547

50.70%

16

Jackson, Miss.

$18,057

$22,136

53.30%

17

Bakersfield, Calif.

$18,046

$24,268

61.60%

18

Honolulu

$18,007

$22,386

52.40%

19

Tulsa, Okla.

$17,933

$22,272

53.70%

20

Austin, Texas

$17,799

$22,184

57.80%

21

Oklahoma City

$17,718

$23,088

58.50%

22

Charleston, S.C.

$17,519

$21,358

56.60%

23

Jacksonville, Fla.

$17,504

$22,538

60.80%

24

Augusta, Ga.

$17,408

$22,238

60.10%

25

Melbourne, Fla.

$17,307

$20,256

58.50%

26

Atlanta

$17,286

$21,511

53.00%

27

Sarasota, Fla.

$17,248

$21,450

60.10%

28

Colorado Springs, Colo.

$17,150

$22,121

62.80%

29

Columbia, S.C.

$17,123

$21,102

57.10%

30

Fresno, Calif.

$17,113

$22,205

54.60%

31

Daytona Beach, Fla.

$17,071

$21,475

61.70%

32

Virginia Beach, Va.

$17,031

$21,260

59.20%

33

San Jose, Calif.

$17,027

$21,020

51.70%

34

Chattanooga, Tenn.

$16,845

$20,307

55.30%

35

Memphis, Tenn.

$16,830

$20,863

54.10%

36

Fort Myers, Fla.

$16,816

$19,908

63.50%

37

San Francisco

$16,766

$21,209

46.20%

38

Greenville, S.C.

$16,640

$20,839

52.00%

39

Stockton, Calif.

$16,605

$22,171

57.80%

40

Boise, Idaho

$16,504

$21,721

59.20%

41

Knoxville, Tenn.

$16,392

$21,219

58.00%

42

Seattle

$16,376

$20,643

54.60%

43

Tampa, Fla.

$16,282

$20,488

59.50%

44

Baltimore

$16,180

$19,656

57.50%

45

Des Moines, Iowa

$16,154

$20,651

62.50%

46

Washington

$16,152

$20,208

52.50%

47

Kansas City, Mo.

$16,138

$20,091

58.70%

48

Raleigh, N.C.

$16,079

$19,375

47.50%

49

Wichita, Kan.

$16,036

$21,431

63.00%

50

Nashville, Tenn.

$16,021

$19,719

54.10%

51

Oxnard, Calif.

$15,951

$21,352

58.50%

52

Orlando, Fla.

$15,936

$19,733

56.30%

53

San Diego

$15,922

$19,899

55.10%

54

Charlotte, N.C.

$15,785

$20,629

55.90%

55

Denver

$15,771

$19,985

55.80%

56

Chicago

$15,759

$19,084

52.60%

57

Greensboro, N.C.

$15,736

$19,436

51.40%

58

Pittsburgh

$15,552

$19,267

58.50%

59

Richmond, Va.

$15,492

$19,803

55.30%

60

Portland, Ore.

$15,483

$19,667

51.00%

61

Sacramento, Calif.

$15,406

$20,130

52.90%

62

Ogden, Utah

$15,359

$19,743

64.50%

63

Spokane, Wash.

$15,344

$20,223

49.80%

64

Miami

$15,238

$18,798

54.00%

65

St. Louis

$15,169

$19,505

59.40%

66

Winston-Salem, N.C.

$15,088

$20,009

51.60%

67

Syracuse, N.Y.

$15,086

$18,423

61.10%

68

Indianapolis

$15,044

$19,277

58.40%

69

Salt Lake City

$15,031

$20,187

59.20%

70

Worcester, Mass.

$14,959

$18,140

60.00%

71

Omaha, Neb.

$14,866

$18,489

59.70%

72

Los Angeles

$14,847

$18,860

52.80%

73

Provo, Utah

$14,722

$21,004

60.60%

74

Cincinnati

$14,583

$18,829

59.80%

75

Dayton, Ohio

$14,502

$18,342

57.50%

76

Scranton, Pa.

$14,500

$17,988

54.10%

77

Allentown, Pa.

$14,408

$18,381

60.40%

78

Louisville, Ky.

$14,304

$18,077

53.30%

79

Philadelphia

$14,075

$17,176

52.40%

80

Columbus, Ohio

$14,067

$17,600

59.40%

81

Springfield, Mass.

$13,976

$17,327

53.80%

82

Albany, N.Y.

$13,789

$18,117

56.70%

83

Harrisburg, Pa.

$13,750

$17,471

55.50%

84

New York

$13,736

$17,073

41.50%

85

Hartford, Conn.

$13,718

$15,989

56.00%

86

Madison, Wis.

$13,643

$16,551

57.50%

87

Providence, R.I.

$13,459

$16,403

54.80%

88

Milwaukee

$13,356

$16,276

55.00%

89

Buffalo, N.Y.

$13,348

$17,119

62.50%

90

Akron, Ohio

$13,336

$16,002

62.60%

91

Minneapolis

$13,250

$17,053

52.10%

92

Youngstown, Pa.

$13,208

$16,878

61.00%

93

Boston

$13,200

$16,673

52.60%

94

New Haven, Conn.

$13,142

$15,220

56.10%

95

Bridgeport, Conn.

$12,861

$15,130

53.50%

96

Cleveland

$12,717

$15,871

59.60%

97

Toledo, Ohio

$12,678

$15,825

58.40%

98

Grand Rapids, Mich.

$12,429

$14,956

51.10%

99

Rochester, N.Y.

$12,165

$15,962

60.10%

100

Detroit

$10,841

$14,573

54.60%


Average

$16,023

$20,207

56.80%

 

About LendingTree
LendingTree (NASDAQ: TREE) is the nation's leading online marketplace that connects consumers with the choices they need to be confident in their financial decisions. LendingTree empowers consumers to shop for financial services the same way they would shop for airline tickets or hotel stays, comparing multiple offers from a nationwide network of over 500 partners in one simple search, and can choose the option that best fits their financial needs. Services include mortgage loans, mortgage refinances, auto loans, personal loans, business loans, student refinances, credit cards and more. Through the My LendingTree platform, consumers receive free credit scores, credit monitoring and recommendations to improve credit health. My LendingTree proactively compares consumers' credit accounts against offers on our network, and notifies consumers when there is an opportunity to save money. In short, LendingTree's purpose is to help simplify financial decisions for life's meaningful moments through choice, education and support. LendingTree, LLC is a subsidiary of LendingTree, Inc. For more information, go to www.lendingtree.com, dial 800-555-TREE, like our Facebook page and/or follow us on Twitter @LendingTree.

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