Student debt is no joke to the economy. A new report shows 46.5 percent of millennials currently own money on student loans, and more than 60 percent of millennial respondents say their monthly student loan bills impact their spending habits “very much” or “somewhat.”
According to a recent survey conducted by LendingTree — which included findings collected from 1,338 millennials born between 1980 and 1995 who enrolled in post-secondary education — nearly two-thirds (63.3 percent) of millennials say they graduated or will graduate with student debt.
Ranking all 50 states and the top 100 cities for student debt, LendingTree found that the average post-graduate is $27,162 in the hole.
Washington D.C. ranked as the state with the highest amount of student loan debt, the report shows, with an average $39,832.12 per individual. Maryland sat in the no. 2 spot, with an average $32,567.41. Illinois rounded out the top three, with $29,865.77 in student loan debt.
According to the report, student loans cost millennials about $317 a month throughout the U.S. When asked what purchasing or financial decision was put on hold due to payments, 45.31 percent of millennials mentioned buying a home.
Travel was the no. 1 delayed life event, with 53.27 percent of millennials putting a hold on it due to student loans. Buying a vehicle was delayed for 44.74 percent of individuals.
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Millennials in Georgia, Virginia, Colorado, California, New York and Florida are also in some serious financial debt from college, according to LendingTree.
Broken down by city, Boston, Irvine, California, and San Francisco were the top three cities with the highest student financial debt. Boston millennials with a degree had an average $43,102.16 in student debt, Irvine residents had an average $42,490.77 and San Francisco students had an average $39,963.43 in student debt, the report shows.
D.C. and New York City rounded out the top five cities for student loan debt, with respective averages of $39,806.71 and $37,401.15 per person.
Although Illinois landed in the top 10, Chicago ranked no. 15 for most debt-filled cities, at an average of $33,880.87.
California ranked in the top 10 with an average debt of $29,468.87, and both of the state’s major cities had a higher average student debt. While San Francisco ranked in the top three, Los Angeles appeared in the no. 23 spot on the city list. The average student debt for an L.A. millennial was $31,921.44.
Coming in no. 50 on the list was Miami, where the average student debt was $28,482.16 per person. Houston wasn’t too far behind in the no. 58 spot, with an average $27,921.39 in student debt.
