Debt Amongst American Youth: Mixed Economic Outcomes

The Pew Research Centre reports that the proportion young people who own homes went down to 34% in 2011 compared to 40% in 2001. Also in 2011, only 66% of people aged 25 years or younger owned or leased a car compared to 73% of young people in 2001.

Good news is that credit card debt is down to 39% in 2010, in comparison to 50% of youth who had credit debt in 2001. Bad news is that student loan debt rose from 34% in 2007 to 40% in 2010. Then again, debt trends are mixed, as the median debt for young people is now $14,102, which is around $1,000 less than in 2007. These patterns reflect a shift in economic priorities after the recession as well as broader changes in society that include delayed marriage, which impacts on household formation and spending. 

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