The auto industry appears to have finally gotten over its fear that millennials aren’t buying cars. Now that more of them have started families and moved to the suburbs, they have joined the great car-buying American public.
To measure that trend, LendingTree, an online loan marketplace, studied which cities have the highest auto loan debt carried by millennials. Most of them are in the South, especially Texas. In the ranking of the 100 largest metro areas in the nation, Washington, DC, came out solidly in the middle, at No. 46.
The study found that millennials in the Washington area have an average auto loan balance of $20,208. Just over half – 52.5 percent – of millennials in our region have a current balance.
For the complete study, click here.Download Bulletin PDF