DETROIT (WKZO) -- Detroit may owe billions, but Detroit residents may have the lowest average debt loads in America’s biggest cities.
That could be because housing is less expensive; fewer have college loans to pay off and because it’s tougher to get a loan there.
Experian did the comparison of the nation’s 20 largest metropolitan areas and found the average debt for a Motor City resident is about $23, 600, down over 7% from 2010. Detroit was the only city where the debt load has declined.
New York, Miami, Los Angeles and Boston round-out the top-5.
The survey also proves again that everything is bigger in Texas. Dallas residents had the biggest debt load at just over $28-thousand, closely followed by Houston.
Chicago fell in the middle of the pack.