It’s hard to afford college without student loans. According to the Institute for College Access & Success, 69 percent of graduates from public and nonprofit colleges had student loan debt. Credit Karma data from our member base of over 40 million consumers shows the 15 cities where the highest percentage of members had student loans.
In July 2015,Credit Karma surveyed 500 Millennials (ages 18-34) and 500 Baby Boomers (ages 50-65) in America to compare their beliefs and behaviors toward getting married and building a future. What do you think we found?
Until recently, it could be expensive and confusing for the average consumer to access their credit scores and reports. A side effect of this was a proliferation of rumors about the best way to manage credit. Like any good urban legend, it’s hard to know exactly where these got started. Since Credit Karma launched in 2008 we’ve heard a lot of them and have done our best to put them to rest.
Looking at Credit Karma data around national credit limits, from our more than 40 million members, we’ve found two commonalities: people with the highest credit limits tend to live in cities with both higher than average incomes and retail sales.
Want to own a home? You may want to ditch the big city. We consulted our data to find the US cities where the highest percentage of Credit Karma members had mortgages, and small cities dominated. Of the top 15 cities, none had more than 250,000 residents, and all but three had less than 200,000.
It’s been a hugely exciting time at Credit Karma the last couple of months. As you might have read in the news, we closed a $175 million Series D financing round at the end of June, to help us drive major new additions to our product that we think will make Credit Karma an even more efficient and effective tool.
Where the US cities with the highest average mortgages were all out west, the 15 cities where Credit Karma members had the lowest average mortgage according to our data* spread all over the country: the Midwest, South and Northeast.
If you’re thinking about buying property in California, you might need to see how deep your pockets go. While the Golden State is known for its beaches and endless summers, it’s also home to some of the priciest real estate in the country. According to Credit Karma user data,* of the 15 U.S. cities where our members have the highest average mortgages, 14 were located in California.
Americans bought 16.5 million new cars in 2014. And where there are car sales, there are car loans. To find out where people are buying cars in greatest numbers, and taking on debt to do so, we scoured Credit Karma data for the cities with the highest percentage of open auto loans. Is your town on the car-mad cities list?
Google veteran Nikhyl Singhal on his reasons for launching his next adventure at Credit Karma.