It’s not a big secret that home prices have spiked in recent years. In fact, Zillow reports the median home value in the United States has grown by 20.7% over the past year to $349,816, an all-time high.
As you might expect, mortgage debt has grown as well. We recently got a look at the average American’s indebtedness, according to Experian, broken down by the type of debt as well as by generation. Here’s a look at what the average 30-something owes on their mortgage.
The Experian State of Credit 2021 report breaks down outstanding mortgage debt by generation, so let’s cover the numbers for the millennial generation. To be sure, millennials (also called Generation Y) are generally considered to be those born between 1981 and 1996 (ages 26-42), so this isn’t just people in their 30s. But it’s fair to say that millennials are likely to make up the bulk of first-time home buyers.
To continue reading the rest of the article, please click on the source link below:
https://www.usatoday.com/story/money/personalfinance/real-estate/2022/07/05/average-millennial-mortgage-debt-home-prices-spike/50439271/
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