Millennials living in Washington, D.C. have the most mortgage debt compared to the rest of the country, according to a study released by Experian, a multinational consumer credit reporting company.
Generation X, consisting of people who were born between the early 1960s and the early 1980s, has currently the most mortgage debt. However, millennial mortgage debt across the United States is about to overtake every other generation, Washington Business Journal reported, attributing the finding to Experian.
And of all the millennials (individuals aged between 23 and 38) in the country, those based in the District are leading in terms of mortgage debts with an average of $450,985, over twice the national average.
Nowhere in the country do millennials face more mortgage debt than the District, with an average of $450,985 — more than twice the national average, according to Experian.https://t.co/tsTe5wjI5i
— WTOP (@WTOP) September 27, 2019
The figure is $279,731 for Maryland and $269,848 for Virginia, which ranked eighth and 10th respectively.
In the first quarter of 2019, millennials in the entire country had an average of $222,211 in mortgage debt, which is a five percent increase compared to the same period of last year, Experian’s data revealed. It is also noted that the increase was the highest among other generations.