Millennials in this American city are carrying the most debt

New data from online loan marketplace LendingTree shows that San Antonio is the American city where Millennials have “the most debt,” with a median debt balance of $27,122 — not including mortgages.

Researchers took a look at “anonymized credit report data of My LendingTree users who live in the 50 biggest metro areas in the U.S.” to compile the data. They were born anywhere between the years 1981 and 1996.

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The 10 cities where Millennials have the most debt

Here they are, plus the average percentages of what highly contributes to Millennials’ “total debt balances.” Again, these don’t include mortgages:

1) San Antonio: median balance of $27,122, with car loans making up 43.2% of “total debt balances”

2) Pittsburgh: median balance of $26,403, with student debt being 45.7% of all debt

3) Austin: median balance of $26,164, with 18.1% of all debt being from credit cards and 37.1% being from car loans

4) Houston: median balance of $25,978, with 42.5% of all debt being car loans

5) Jacksonville, FL: median balance of $$25,947, with auto loans making up 38.5% of all debt and student debt making up 37.1% of it

6) Dallas: median balance of $25,939, with car loans making up an average of 39.9% of all debt

7) Washington: median balance of $25,810, with 46.9% of all money to be paid back being student debt

8) Virginia Beach, VA: median balance of $25,591, with 18.9% of all debt being from credit cards, 11.9% of all debt being from personal loans and 35.4% from student loans

9) Oklahoma City: median balance of $25,351, with car loans making up 39.3% of all debt

10) Columbus, OH: median balance of $25,129, with 48.1% of all debt being from student loans

The LendingTree senior research analyst who headed up the research commented on the data in a statement:

“The Millennial generation makes up the younger portion of adults, and as they build their careers, families and communities, they’re doing it encumbered by personal debt,” said Kali McFadden. 

RELATED: Take a look at the highest-paying jobs for millennials in 2017: 

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10 highest-paying jobs for millennials

10. Loan Officer

Average salary: $75,170

Work-life balance: above average

Stress level: average

Working for banks, mortgage companies and other financial institutions, loan officers determine whether to approve loans for individuals and businesses. They collect financial information to assess whether applicants need money and how easily they will be able to repay those funds. Officers often specialize in the fields of consumer (given to individuals), commercial (given to businesses) and mortgage (given to purchase property) loans. They need to have strong instincts for sales and customer service. Some officers travel outside of office settings to meet with clients off site.

9. Accountant

Average salary: $75,280

Work-life balance: above average

Stress level: average

Sticklers for detail and deadlines, accountants prepare and assess financial documents. Most individuals come into contact with these professionals in the early spring around tax time, but accountants work year-round for companies and other institutions, keeping records up to date and ensuring compliance with reporting requirements. In addition to completing college coursework, many accountants take licensing exams to become certified. Depending on their specialties, they may have busy seasons, such as the end of a company's fiscal year. Organization and timeliness are essential to success in this field.

8. Operations Research Analyst

Average salary: $84,180

Work-life balance: average

Stress level: above average

People who love to solve puzzles and devise more efficient ways of working may thrive as operations research analysts. They use math and analytical tools to help businesses streamline their work and devise solutions to challenges. They may also conduct interviews with workers to gain a fuller understanding of how systems work. Operations research analysts often labor in teams with people who have expertise complementary to their own, so the ability to collaborate is important to the job. They also must be confident in their ability to make solid recommendations, since most business problems have many possible solutions.

7. Radiation Therapist

Average salary: $84,460

Work-life balance: above average

Stress level: below average

If the health care world interests you, but the prospect of completing medical school seems daunting, a career in radiation therapy could be a good option. These therapists work closely with patients to provide treatment for cancer. Using CT scans and X-rays and working closely with doctors and nurses, they discern where to target radiation and administer doses. They're responsible for keeping detailed records of their work. Being able to communicate compassionately with patients and their families is important to this role, which may appeal to millennials who want to aid others.

6. Environmental Engineer

Average salary: $88,040

Work-life balance: average

Stress level: average

For the nature-lover with a scientific bent, environmental engineering could be an attractive career path. People who work in this field apply biology, chemistry and engineering principles to design and build better systems for recycling, water use and pollution control. Their work affects not only the natural world but also public health and government policies. Although many environmental engineers spend time in office settings, they may have opportunities to travel to and work from outdoor locations where projects are underway. Beyond scientific training, environmental engineers should have strong communication skills.

5. Mechanical Engineer

Average salary: $88,190

Work-life balance: above average

Stress level: average

Love to see physical results from your hard work? You may appreciate the world of mechanical engineers, who dream up, construct and assess tools and machines. They develop and use cutting-edge technology at manufacturing companies and engineering firms, working on turbines, batteries, generators and engines. Mechanical engineers should be good at math, working in teams and applying creative thinking to solving real-world problems. Although they help produce tangible products, they use computer systems frequently in their work, so technical skills are important, too.

4. Computer Systems Analyst

Average salary: $90,180

Work-life balance: average

Stress level: average

Technology jobs don't have to be solitary. Computer systems analysts combine digital knowledge with customer service, working closely with business professionals to learn the ins and outs of their company needs and the technological possibilities that can address them. After selecting appropriate solutions, computer systems analysts help install digital systems and train other workers how to use them. These information science specialists often develop expertise in topics like health care or finance and may work directly for corporations or as consultants.

3. Software Developer

Average salary: $102,160

Work-life balance: above average

Stress level: average

The games on your smartphone, the computer programs essential to your job, the systems you use to edit photos and stream movies: These are all examples of software, technology that has built much of the contemporary world. Software developers are the architects of that technology, which makes their work exciting to some millennials. The profession requires computer coding skills, creativity and a tolerance for trial and error. The work can sometimes be done remotely, making it a good fit for a young worker hoping to establish a good work-life balance.

2. Actuary

Average salary: $110,560

Work-life balance: average

Stress level: average

In antiquity, the Greeks had oracles and the Chinese had fortunetellers. Today, businesses rely on actuaries to discern probable outcomes. Actuaries don't actually predict the future, of course, but they use statistics and financial theory to assess the likelihood that specific events will come to pass. They identify risks and create policies designed to minimize the costs of those risks. Actuaries often work for insurance companies, where their expertise helps set profitable rates for various insurance plans. In addition to strong math skills, actuaries need a solid understanding of computer science and databases.

1. Financial Advisor

Average salary: $118,050

Work-life balance: average

Stress level: above average

From assessing stock options to reviewing taxes to making recommendations about retirement savings, financial advisors help clients make the most of their resources. They often have backgrounds in business, economics or psychology and should be good listeners who can explain complex systems clearly. When not directly advising clients, many financial advisors have to market their services through networking and making presentations. About a fifth of financial advisors are self-employed, and many work during the evenings and on weekends, which may appeal to millennials who want to set their own schedules and preserve a good work-life balance.

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The 10 cities where Millennials have the least debt

Let’s take a look at the opposite end of the spectrum— these numbers also don’t include mortgages, of course:

41) San Diego: median balance of $20,751

42) Miami: median balance of $20,715

43) Louisville, KY: median balance of $20,643

44) Providence, RI: median balance of $20,505

45) Salt Lake City: median balance of $20,412

46) Detroit: median balance of $19,978

47) New York: median balance of $19,631

48) Los Angeles: median balance of $19,299

49) Sacramento, CA: median balance of $18,691

50) San Jose, CA: median balance of $18,376

Check out the full chart with average percentages of what contributes to Millennials’ debt in every city (credit cards, student debt, car loans, personal loans and more).

This article Millennials in this American city are carrying the most debt appeared first on Ladders | Business News & Career Advice.

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