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Survey: Charleston baby boomers doing their fair share of borrowing

Banking & Finance
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It looks like millennials aren’t the only ones buying avocado toast.

Millennials might be walking around with an average of $23,000 in non-mortgage debt, according to LendingTree study, but baby boomers in the Holy City are carrying nearly $5,000 more — that's about 625 more delicious toasts' worth, by our highly unscientific count. 

The Charleston area sits at No. 12 among 100 U.S. cities for the most debt-laden baby boomers, with an average of $28,000 in non-mortgage debt (car loans, credit cards and personal loans, mostly), according to LendingTreeThat $23,000 total above? That's just the average for the top 50 U.S. cities — a list Charleston's millennials aren't even on.   

Columbia's boomers ranked No. 16 nationally, carrying about $27,000 in debt, and Greenville ranked No. 96, with boomers carrying $21,800 in debt.

The national median for baby boomer debt was about $25,000.

Cities where baby boomers carry the most debt:

Rank City Debt
1 Houston $31,626
2 Little Rock, Ark. $30,767
3 San Antonio $29,985
4 Dallas $29,736
5 Oklahoma City $29,602
6 McAllen, Texas $29,351
7 Austin, Texas $29,157
8 Baton Rouge, La. $28,853
9 Washington $28,634
10 Fresno, Calif. $28,166
11 Bakersfield, Calif. $28,139
12 Charleston $27,968

Source: LendingTree.com

 

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