According to a recent LendingTree study, residents of Austin, Texas, are grappling with the highest average nonmortgage debt among the 50 largest U.S. metropolitan areas, totaling $45,920 per person. This figure highlights a growing financial burden as living costs in the city have surged. The average auto loan debt in Austin stands at $17,144, making it the second-highest in the nation, followed by student loan debt at $11,162 and credit card debt at $9,313.
The study reveals that, on average, residents across these metros hold $37,827 in nonmortgage debt, which includes auto loans, student loans, credit cards, and personal loans. Notably, 97.1% of residents in these areas carry some form of nonmortgage debt, with 85.5% owing credit card debt. The growing financial pressures in Austin are indicative of its rapid population growth and rising living expenses, leading many to rely on credit to make ends meet.
Texas cities dominate the rankings, with San Antonio and Houston following closely behind Austin, with average nonmortgage debts of $44,812 and $44,640, respectively.