5 Cities Where Gen Xers Have the Most Student Loan Debt
Written by
Heather Altamirano
Edited by
Maria Concepcion
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Sandwiched between millennials and baby boomers, Generation X is often referred to as the “Forgotten Generation” and faces hardships between the two larger demographics. With Gen Xers in their 40s and 50s, many are still raising families, pursuing careers, paying for a home, taking care of aging parents, and dealing with piles of debt, including student loans. The nation’s student debt now totals $1.753 trillion, per the Education Data Initiative while only 25.4% of Gen Xers owe student loans,” their median balance is $31,066 — the highest by generation,” according to LendingTree.
With retirement looming, Gen Xers still grappling with student debt is concerning. Every dollar spent on paying down student loans and other debt is eating into retirement plans, and a report from the National Institute on Retirement Security paints a bleak picture, suggesting that Gen X’s golden years could be far from golden.
“The bottom half of earners have only a few thousand dollars saved for retirement, and the typical household has only $40,000 in retirement savings,” the report stated.
Notably, student loan balances vary drastically from one city to the next, and according to LendingTree, here are the top five cities that carry the highest amount owed.
Also check out cities which baby boomers have the most student loan debt.
Jackson, MS
- Median balance of student debt among Gen Xers: $53,036
- Percentage of Gen Xers with student loan debt: 32.4%
The average student loan balance is $36,201 in Mississippi, according to the Education Data Initiative. At $53,036, the median balance among Jackson Generation X is 46.5% higher.
Oxnard, CA
- Median balance of student debt among Gen Xers: $43,327
- Percentage of Gen Xers with student loan debt: 16.6%
The average student loan balance is $36,891 in California, according to the Education Data Initiative. At $43,327, the median balance among Oxnard Generation X is 17.44% higher.
Atlanta, GA
- Median balance of student debt among Gen Xers: $42,653
- Percentage of Gen Xers with student loan debt: 29.4%
The average student loan balance is $410,804 in Georgia, according to the Education Data Initiative. At $42,653, the median balance among Atlanta Generation X is –89.61% higher.
Durham, NC
- Median balance of student debt among Gen Xers: $42,512
- Percentage of Gen Xers with student loan debt: 27.7%
The average student loan balance is $37,485 in North Carolina, according to the Education Data Initiative. At $42,512, the median balance among Durham Generation X is 13.4% higher.
Richmond, VA
- Median balance of student debt among Gen Xers: $41,772
- Percentage of Gen Xers with student loan debt: 29.6%
The average student loan balance in Virginia is $38,900, according to the Education Data Initiative. At $41,772, the median balance among Richmond Generation X is 7.38% higher.
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