Few cities are more affected by the problems of student debt than Chicago, according to a new LendingTree analysis.
Based on data from My LendingTree, the Windy City has one of the highest average student debt burdens in the country at $33,880.87.
Our chart below shows how Chicago compares with other cities:
|City||Avg Outstanding Student Debt|
Student debt and the housing market
LendingTree’s study also made it clear that high student debt is impacting consumer behavior.
The numbers are not very encouraging: 46.5 percent of Millennials currently owe money on their student loans; among those debt holders, 30.54 percent have dramatically scaled back their spending; 45.31 percent have delayed their purchase of a home; and while 10.14 percent feel overeducated for their job, 10.41 percent feel they should have never attended college at all.
Of course, this is all correlation – LendingTree did not report on an especially high level of disillusionment among Chicago Millennials with student debt. But with local home prices continuing to rise and student debt going nowhere, it stands to reason that the market may find itself at a disadvantage.