Here’s How Much Average Debt Americans Have At Every Generation

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How much the average amount of debt each generation from Gen Z to Millennials to Gen X to Baby Boomer holds, including credit card debt, student loans, personal debt and auto loans.

Americans added $660 billion in debt during the pandemic, according to personal finance site Money Geek. But Americans were piling on debt before the pandemic as U.S. credit card debt hit a record high of $930 billion in the final quarter of 2019, CNBC reports.

The average U.S. household holds more than $155,000 of debt, amounting to $53,897 per person. Mortgages account for most of personal debt – excluding mortgages, Americans owe an average of $16,720. Non-mortgage personal debt includes student loans, car loans, credit card debt, and personal loan debt. Auto and student loans make up a huge portion of personal debt. The Federal Reserve estimates that Americans owe a whopping $1.73 trillion in student loans as of the second quarter of 2021. The total American auto loan debt is an astounding $1.42 trillion.

So how much debt does each generation owe?

Gen Zers – who range from ages 18 to 23 – held an average total of $16,043 of debt in 2020, according to data from consumer credit reporting company Experian. The youngest consumer group have an average credit card balance of $1,963, average mortgage balance of $169,470, average auto loan balance of $15,724, average personal loan balance of $6,004, and average student loan balance of $17,338.

Millennials – who are ages 25 to 40 – have an average debt of $87,448, an average credit card balance of $4,322, an average mortgage balance of $237,349, an average auto loan balance of $19,011, an average personal loan balance of $12,306, and an average student loan balance of $38,877.

Gen Xers – ages 41–56, possess an average debt of $140,643 – an average credit card balance of $7,155, an average mortgage balance of $247,564, an average auto loan balance of $22,307, an average personal loan balance of $17,733, and an average student loan balance of $45,095.

Baby Boomers – ranging in age 56 to 74, own an average debt of $97,290 – an average credit card balance of $6,043, an average mortgage balance of $178,688, an average auto loan balance of $19,306, an average personal loan balance of $19,700, and an average student loan balance of $40,512.

The Silent Generation – everyone who is 75-years-old and older – have an average debt of $41,281, an average credit card balance of $3,177, an average mortgage balance of $133,827, an average auto loan balance of $14,750, an average personal loan balance of $17,123, and an average student loan balance of $28,052

Interestingly enough, the generation that saw its wealth increase the most during the pandemic was Gen Xers. Based on data from the Federal Reserve, household wealth shifted from the Silent Generation and Baby Boomers to Generation X. Since the pandemic, Gen X household saw their aggregate net worth spike by 50% during the pandemic, Bloomberg reports.

The 34.6 million households occupied by Gen X members added $13 trillion in assets over 15 months. As of June 2021, Generation X held 28.6% of the U.S. wealth.

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