Infographic: Young adults ditch homeownership, rack up student loans
While young people's post-recession lifestyles include fewer
homes, fewer cars and less credit card debt, their student loan debt has
skyrocketed, according to a February
2013 report from the Pew Research Center.
Between 2001 and 2010, the median debt of households headed
by someone under 35 fell by 14 percent, while median debt of older households
rose by 63 percent. Homeownership plays a big role in that, the study concluded.
Younger households are less likely to own a home (and have a mortgage) than
they were in 2001, while older household are more likely to own a home and the
debt that comes with it.
While young people have been shedding some kinds of debt,
they've been packing on student loans. Older households saw a modest uptick in
student debt between 2001 and 2010, but younger households saw a rapid increase.
The chart below shows the share of households with various
types of debt. For young households, all debt categories took a dramatic
downward turn after the 2007 recession, except for student loan debt, which shot
See related: Money lessons can save young adults from financial crisis
To use the graphic on your site, use the following code:
<center><a href="http://www.creditcards.com/credit-card-news/infographic-young-adults-ditch-home-ownership-rack-up-student-loans-1701.php"><img alt="Post-recession young people shed debt -- except for student loans" border="0" src="http://www.creditcards.com/credit-card-news/credit-card-news/images/infographic-debt-youth2.jpg" /></a> </center>
Published: March 27, 2013