WILMINGTON—Known for its beaches and recently, its brews, the Wilmington area is lacking in an area that matters most to its youngest inhabitants.
Wilmington is ranked among the worst cities in America for millennials with student debt according to a recent report by RewardExpert.
Of the 207 cities analyzed, Wilmington ranked 205th.
The factors
The report pulled data from a number of sources, including the U.S. Census, U.S. Department of Housing and Urban Development, U.S. Department of Transportation, Experian’s 2016 State of Credit Report and the Urban Institute’s Debt in America findings.
“Wilmington’s place is as a poor choice to start your adult life, even if it might be a good choice for a vacation, or for retirement,” the report states.
With recent college graduates entering the workforce with more debt than previous generations, the report weighed the nation’s best and worst ranked cities for millennials according to the following factors:
- tax rates
- housing availability and costs
- transportation infrastructure and transit access
- availability and accessibility of jobs requiring a college degree or higher
- local trends in debt and credit
RewardExpert defines millennials as being born between 1982 and 1995 and the and post-millennial generations born from 1996 forward.
Wilmington’s high housing costs compared to median incomes make the area a difficult place for young people to embark on their careers. Transportation costs also weighed down Wilmington’s low ranking, citing an average of $12,566 a year.
With an “overpriced” housing market, the report finds that millennials in Wilmington do not have much financial wiggle room.
“Millennials and post-millennials in the Wilmington metro area have higher credit card balances, more student loan debt, as compared both to older generations in the region and their peers elsewhere in the country,” the report states.
For the full report, visit RewardExpert’s 2018’s Best & Worst Cities for Millennials with Student Debt.
Johanna Ferebee can be reached at johanna@localvoicemedia.com or @j__ferebee on Twitter
