New research reveals that millennials are sinking deeper into debt and just how much money they owe. A new report from Real Estate Witch breaks down the results of a survey of a thousand millennials where they get honest about their debt.
According to the report:
- Nearly three-fourths (72%) of millennials have some form of non-mortgage debt and the average they currently owe is $117-thousand.
- Only a lucky 28% are debt-free right now.
- Credit card debt is the most common type of debt, with 67% of millennials carrying a credit card balance. The average amount owed is $5,349.
- Student loan debt is the next most common type, 48% of those surveyed have student loans and owe an average of nearly $127-thousand ($126,993).
- And with 40% of millennial respondents earning less than $50-thousand a year, 24% say they regret not choosing a career with higher earning potential and 22% say they regret taking any student loans.
The report also shows that millennials aren’t very optimistic about their financial futures:
- About 63% believe it will take them one to five years to pay off their debt, while around 10% think it will take more than 10 years and 6% admit they don’t think they’ll ever be able to pay it off.
- That may be because they’re spending an average of 47% of their monthly income on housing.
- And a third of millennial renters don’t think they’ll ever be able to afford a home.
- While the average millennial has close to $50-thousand ($49,463) in savings, one in seven confess they don’t have any savings at all.