Millennials are on pace to have more mortgage debt than any other generation. And it’s particularly bad in the District.
Millennials, currently between the ages of 23 and 38, held an average of $222,211 in mortgage debt during the first quarter of 2019, according to data from Experian. That’s a 5% increase compared to the first quarter of 2018 and the largest percentage increase among the generations studied.
Nowhere in the country do millennials face more mortgage debt than the District, with an average of $450,985 — more than twice the national average, according to Experian. Maryland ranked No. 8, with an average millennial mortgage debt of $279,731. Virginia was No. 10 with an average of $269,848.
Experian notes that millennials with the largest average mortgage balance also have some of the best credit scores in the nation.
The District was among the top jurisdictions for millennial credit scores, according to Experian. D.C. millennials posted an average FICO score of 698,…Read the full story from the Washington Business Journal.