{"id":39111,"date":"2024-03-07T09:33:53","date_gmt":"2024-03-07T09:33:53","guid":{"rendered":"https:\/\/www.miamiherald.com\/banks\/?p=39111"},"modified":"2024-08-07T09:50:49","modified_gmt":"2024-08-07T05:50:49","slug":"how-does-miamis-debt-compare-to-the-rest-of-the-nation","status":"publish","type":"post","link":"https:\/\/www.miamiherald.com\/banks\/debt\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\/","title":{"rendered":"How Does Miami\u2019s Debt Compare to the National Average?"},"content":{"rendered":"

Consumers in the Greater Miami area carry an average non-mortgage debt load<\/a> of $24,694, according to Experian data from the third quarter (Q3) of 2023. That\u2019s up 7.2% from the same quarter in 2022, growth that slightly outpaces the overall average U.S. growth of 5.9%.<\/p>

Comparatively, Miami\u2019s average non-mortgage debt balance remains pretty close to what\u2019s observed in the U.S. as a whole. It\u2019s just 3% higher than the national average of $23,963<\/a>. That could be for a variety of reasons, but it\u2019s no secret that Miami has a higher cost of living than much of the rest of the country. In fact, according to the U.S. Bureau of Labor Statistics, Miami households typically spend 37.3% of their budget on housing costs, which is higher than the U.S. average of 33.5%. When housing expenses take up more of a person\u2019s monthly budget, budget shortfalls may make them more likely to turn to credit cards<\/a> and personal loans<\/a>.<\/p>

Non-Mortgage Debt: Greater Miami vs. National Average<\/strong><\/td><\/tr>
<\/td>2022<\/strong> <\/td>2023<\/strong> <\/td>Change<\/strong><\/td><\/tr>
Miami<\/strong> <\/td>$23,016 <\/td>$24,694 <\/td>+7.2%<\/td><\/tr>
National Average<\/strong> <\/td>$22,621 <\/td>$23,963 <\/td>+5.9%<\/td><\/tr><\/tbody><\/table>
Source: Experian data from Q3 2023<\/figcaption><\/figure>
Greater Miami Cities by Average Non-Mortgage Debt Balance<\/strong><\/td><\/tr>
Rank <\/td>City <\/td>Average Mortgage Balance <\/td>Average Non-Mortgage Debt Balance <\/td><\/tr>
1 <\/td>Miramar <\/td>$266,753 <\/td>$30,345 <\/td><\/tr>
2 <\/td>Davie <\/td>$309,227 <\/td>$28,507 <\/td><\/tr>
3 <\/td>Plantation <\/td>$272,342 <\/td>$27,640 <\/td><\/tr>
4 <\/td>Coral Springs <\/td>$281,506 <\/td>$27,636 <\/td><\/tr>
5 <\/td>Homestead <\/td>$254,646 <\/td>$27,085 <\/td><\/tr>
6 <\/td>Jupiter <\/td>$338,772 <\/td>$27,033 <\/td><\/tr>
7 <\/td>Pembroke Pines <\/td>$245,486 <\/td>$26,495 <\/td><\/tr>
8 <\/td>Palm Beach Gardens <\/td>$339,103 <\/td>$26,109 <\/td><\/tr>
9 <\/td>Fort Lauderdale <\/td>$345,934 <\/td>$25,796 <\/td><\/tr>
10 <\/td>Weston <\/td>$358,432<\/td>$25,747<\/td><\/tr>
11 <\/td>Miami Beach <\/td>$858,836 <\/td>$25,694 <\/td><\/tr>
12 <\/td>Boca Raton <\/td>$375,739 <\/td>$25,110 <\/td><\/tr>
13 <\/td>Miami Gardens <\/td>$199,626 <\/td>$24,523 <\/td><\/tr>
14 <\/td>West Palm Beach <\/td>$261,297 <\/td>$24,169 <\/td><\/tr>
15 <\/td>Sunrise <\/td>$206,057 <\/td>$24,141 <\/td><\/tr>
16 <\/td>Miami <\/td>$295,218 <\/td>$24,010 <\/td><\/tr>
17 <\/td>Lauderhill <\/td>$176,671 <\/td>$23,324 <\/td><\/tr>
18 <\/td>Hollywood <\/td>$250,546 <\/td>$22,879 <\/td><\/tr>
19 <\/td>Boynton Beach <\/td>$231,948 <\/td>$22,553 <\/td><\/tr>
20 <\/td>Delray Beach <\/td>$301,374 <\/td>$22,208 <\/td><\/tr>
21 <\/td>Tamarac <\/td>$191,256<\/td>$22,170<\/td><\/tr>
22 <\/td>Hialeah <\/td>$220,528 <\/td>$22,068 <\/td><\/tr>
23 <\/td>Doral <\/td>$327,176 <\/td>$21,958 <\/td><\/tr>
24 <\/td>Pompano Beach <\/td>$238,269 <\/td>$21,239 <\/td><\/tr>
25 <\/td>Deerfield Beach <\/td>$209,086 <\/td>$20,284 <\/td><\/tr><\/tbody><\/table>
Source: Experian data from Q3 2023. Cities included are top 25 in the Miami metropolitan statistical area by population.<\/figcaption><\/figure>

As you can see in the table above, the Miami-area city with the most non-mortgage debt on average is Miramar, and the city with the least is Deerfield Beach. Looking at mortgage specifically, the city that tops the chart (by far) is Miami Beach\u2014with Lauderhill ranked last. Much of this isn\u2019t surprising, especially if you\u2019ve lived here awhile. For instance, you\u2019d expect Miami Beach to carry a lot of mortgage debt: The city is becoming known for its billionaire residents, with the average price of luxury homes reaching $25 million. <\/p>

So, if you\u2019re trying to pay off debt<\/a>, you\u2019re certainly not alone. Miami residents, on average, have a little more debt to manage than other consumers in the U.S.<\/p>

To find out more about your debt and keep your eye on your credit reports and scores<\/a>, consider enrolling in Experian\u2019s free credit monitoring<\/a> tool so you can regularly log in to monitor your progress. You can also get a free copy of your credit reports and scores<\/a> from Experian<\/a>.<\/p> ","protected":false},"excerpt":{"rendered":"

Learn how Miami resident\u2019s average debt compares to the rest of the United States and see a breakdown of debt by Miami city.<\/p> ","protected":false},"author":7,"featured_media":39415,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[257],"tags":[],"class_list":["post-39111","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt"],"acf":{"zone_id":"314623","sponsored":false,"external_author":"","external_editor":39659,"not_show_feature_image":false},"featured_image_src":"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/03\/miamis-debt.jpg","author_info":{"display_name":"","author_link":"https:\/\/www.miamiherald.com\/banks\/author\/"},"yoast_head":"\nHow Does Miami\u2019s Debt Compare to the National Average? | Miami Herald<\/title>\n<meta name=\"description\" content=\"Learn how Miami resident\u2019s average debt compares to the rest of the United States and see a breakdown of debt by Miami city.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.miamiherald.com\/banks\/debt\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Does Miami\u2019s Debt Compare to the National Average?\" \/>\n<meta property=\"og:description\" content=\"Learn how Miami resident\u2019s average debt compares to the rest of the United States and see a breakdown of debt by Miami city.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.miamiherald.com\/banks\/debt\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\/\" \/>\n<meta property=\"og:site_name\" content=\"Miami Herald - Personal Finance\" \/>\n<meta property=\"article:published_time\" content=\"2024-03-07T09:33:53+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-08-07T05:50:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.miamiherald.com\/banks\/wp-content\/uploads\/2024\/03\/miamis-debt.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"800\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/debt\\\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/debt\\\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\\\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"How Does Miami\u2019s Debt Compare to the National Average?\",\"datePublished\":\"2024-03-07T09:33:53+00:00\",\"dateModified\":\"2024-08-07T05:50:49+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/debt\\\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\\\/\"},\"wordCount\":543,\"image\":{\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/debt\\\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/wp-content\\\/uploads\\\/2024\\\/03\\\/miamis-debt.jpg\",\"articleSection\":[\"Debt Relief\"],\"inLanguage\":\"en-US\",\"timeRequired\":\"PT1MIN\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/debt\\\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\\\/\",\"url\":\"https:\\\/\\\/www.miamiherald.com\\\/banks\\\/debt\\\/how-does-miamis-debt-compare-to-the-rest-of-the-nation\\\/\",\"name\":\"How Does Miami\u2019s Debt Compare to the National Average? 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