Generation Z is now carrying more personal debt than any other generation, averaging $94,101, a significant amount compared to Millennials and Gen Xers. The majority of this debt comes from credit cards, which are held by over half of Gen Z, yet only a small percentage have mortgages. Alarmingly, high delinquency rates compound the issue as they hinder potential mortgage approval due to lower credit scores. This financial landscape presents serious challenges for Gen Z as they enter prime homebuying years, particularly amid rising home prices and interest rates.
A new poll from Newsweek reveals Generation Z carries more personal debt, averaging $94,101, far exceeding Millennials and Gen Xers, impacting their homebuying potential.
Despite a significant debt burden, only 16% of Gen Z have mortgages. Their credit card debt and delinquency rates pose serious barriers to future homeownership.
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