Houston is the 3rd ranked in America when it comes to cities and how much debt retirement-aged residents are still burdened with, but Texas figures prominently in the list.
“The top ranked cities on our list are San Antonio, Austin, Houston, Dallas and Washington DC,” says Kari McFadden, Senior Analyst for Lending Tree, the firm who conducted the study.
The average debt among Houstonians between the ages of 65 and 70, who can expect to retire within the next decade, is $26,219. 44% of that is because of their cars.
“A lot of it is auto debt. And then the second biggest is credit card debt. And then after that you might see things lie, believe it or not, student loans. Some elderly people are carrying student loans, presumably for their children or grandchildren, not necessarily for themselves. McFadden adds.
The average median debt for retirees nationally is $20,643.
But Texas’ trouble with bills isn’t limited only to the grey-haired people. “When we look at other age groups too we find that people in Texas do seem to be carrying larger amounts of non-mortgage debt than their peers in other parts of the country,” she says.
The city with the least debt among future retirees is Louisville, KY.