Infographic: Young adults ditch homeownership, rack up student loans

Filed Under:

Research and Statistics

Summary

While young people’s post-recession lifestyles include fewer homes, fewer cars and less credit card debt, their student loan debt has skyrocketed

The content on this page is accurate as of the posting date; however, some of our partner offers may have expired. Please review our list of best credit cards, or use our CardMatch™ tool to find cards matched to your needs.

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 up.

To use the graphic on your site, use the following code:

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

Join the Discussion

We encourage an active and insightful conversation among our users. Please help us keep our community civil and respectful. For your safety, do not disclose confidential or personal information such as bank account numbers or social security numbers. Anything you post may be disclosed, published, transmitted or reused.

The editorial content on CreditCards.com is not sponsored by any bank or credit card issuer. The journalists in the editorial department are separate from the company’s business operations. The comments posted below are not provided, reviewed or approved by any company mentioned in our editorial content. Additionally, any companies mentioned in the content do not assume responsibility to ensure that all posts and/or questions are answered.

Infographic: Young adults ditch homeownership, rack up student loans

Summary

What’s up next?

Join the Discussion