Adobe Stock/digidreamgrafix

According to the South Florida Business Journal, millennials living the District of Columbia hold an average mortgage debt of $450,985 — more than twice the national average. The figures come from Experian, which took the measurements during the first quarter of 2019 and pegs the national average at $222,211. The numbers are up 5% as compared to 2018 and is the largest percentage increase among the generations studied. The state of Maryland ranked No. 8, with an average millennial mortgage debt of $279,731 while Virginia came in at No. 10 with an average of $269,848.

Experian notes that millennials with the largest average mortgage balance also have some of the best credit scores in the nation. The District was among the top jurisdictions for millennial credit scores, according to Experian. D.C. millennials posted an average FICO score of 698, which is just shy of the national average of 703 but higher than the millennial national average of 667.

Millennials now have the second-highest average mortgage balance of any generation, according to the report. With an average mortgage balance of $237,753, Generation X — people between ages 39 and 54 — had the most debt during the first quarter.

Baby boomers, between ages 55 and 75, owed an average of $176,743 during the first quarter of the year, while the silent generation, ages 76 and above, had an average mortgage balance of $131,658.

Read More