| May 7, 2015

New York Fed Reveals Regional Debt and Borrowing Trends

The report covers New York, New Jersey and Western Connecticut.

The latest report by the New York Fed is entitled the Regional Household Debt and Credit Snapshot. It consists of 27 “snapshots” that contain data regarding student loans, mortgages, auto loans, credit card debt and delinquent debt.

The data was compiled from the New York Fed Consumer Credit Panel (CCP), “a representative sample of detailed Equifax credit reports.” It compares regional debt levels to those at the national level. For example, in New York City 14.2 percent of consumers have a mortgage, compared to the national average of 26.3 percent. The average balance of the mortgage is $328,500 compared to the national average of $185,500.

Although New York has a substantially higher average mortgage balance compared to the rest of the nation, (as do New Jersey and Connecticut), residents have less late payments on their debt and fewer debts in collections.

Other interesting information from the report includes:

  • The average mortgage balance in Manhattan is $521,200 compared to Binghamton, NY, which is only $88,400.
  • The average student loan debt in Northeastern, NJ and the average amount of consumers with student loans is nearly identical to the Albany-Schenectady-Troy area of NY – $30,700/29,100 and 18 percent to 20.9 percent.
  • Consumers in New Jersey are having the most problems with debt in the region – almost 6 percent have been late on mortgage payments.
  • The average mortgage balances in New York City are over $200,000 – more than the average balances in the Buffalo-Cheektowaga-Niagara Falls region.
  • Student loan debt in all regions of New Jersey are higher than the national average, but the auto loan debt is lower than the national average.

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