Most American families carry some debt at every age, but the amount and type change a lot over a lifetime: student and car loans early on, mortgages in midlife, and much less by retirement. These figures come from the Federal Reserve’s Survey of Consumer Finances, the most detailed national survey of family balance sheets.
Debt by Age Group
| Age of Household Head | Share With Any Debt | Median Debt (Families With Debt) | Average Debt (All Families) |
|---|---|---|---|
| Under 35 | 80.3% | $51,800 | $105,400 |
| 35-44 | 88.4% | $136,700 | $197,100 |
| 45-54 | 85.8% | $160,400 | $207,000 |
| 55-64 | 81.4% | $101,000 | $160,600 |
| 65-74 | 67.7% | $54,000 | $88,400 |
| 75 and older | 52.3% | $33,000 | $55,300 |
Source: Federal Reserve, 2025 Survey of Consumer Finances, public data (2025 dollars). Families grouped by the age of the household head; percentiles computed from the survey's weighted records. Debt includes mortgages, home equity loans, vehicle and student loans, credit card balances and other borrowing.
Averages are pulled up by families with large mortgages, so the median among families with debt is the better guide to what’s typical. Across all families, 77% have some debt, and the median among them is $88,400.
Debt by Type and Age
| Age of Household Head | Mortgage/HELOC: Share, Median | Student Loans: Share, Median | Vehicle Loans: Share, Median | Credit Card Balance: Share, Median |
|---|---|---|---|---|
| Under 35 | 30.5%, $219,000 | 36.6%, $25,000 | 32.7%, $13,000 | 48.2%, $2,200 |
| 35-44 | 52.8%, $218,000 | 31.1%, $26,000 | 39.5%, $18,000 | 51.9%, $3,000 |
| 45-54 | 56.1%, $206,000 | 24.1%, $25,300 | 41.4%, $21,000 | 48.9%, $5,100 |
| 55-64 | 48%, $162,000 | 14.1%, $27,000 | 35.4%, $19,000 | 49.4%, $4,200 |
| 65-74 | 37.2%, $120,000 | 5.3%, $27,000 | 24.3%, $16,800 | 37.8%, $3,000 |
| 75 and older | 26.2%, $101,000 | 1.3%, $49,000 | 15.5%, $13,000 | 27.6%, $2,500 |
Source: Federal Reserve, 2025 Survey of Consumer Finances, public data (2025 dollars). Families grouped by the age of the household head; percentiles computed from the survey's weighted records. Share of families with each type of debt, and the median balance among families that have it. Credit card balances are those still owed after the last payment.
- Mortgages are the largest debt by far and peak between 35 and 54, when more than half of families have one.
- Student loans are most common under 35, but balances are larger for older borrowers who are still paying, often including Parent PLUS loans taken out for children.
- Credit card balances carried from month to month are common at every age; the typical balance is a few thousand dollars.
Debt Relative to Assets
Debt only tells half the story. Assets rise much faster than debt with age, which is why net worth grows even while families carry mortgages:
| Age of Household Head | Average Assets | Average Debt | Average Net Worth | Median Net Worth |
|---|---|---|---|---|
| Under 35 | $241,100 | $105,400 | $135,700 | $32,800 |
| 35-44 | $866,400 | $197,100 | $669,300 | $156,000 |
| 45-54 | $1,450,600 | $207,000 | $1,243,600 | $254,700 |
| 55-64 | $2,031,600 | $160,600 | $1,871,000 | $411,300 |
| 65-74 | $1,959,300 | $88,400 | $1,870,900 | $431,900 |
| 75 and older | $2,005,000 | $55,300 | $1,949,700 | $504,600 |
Source: Federal Reserve, 2025 Survey of Consumer Finances, public data (2025 dollars). Families grouped by the age of the household head; percentiles computed from the survey's weighted records.
For more on the asset side, see net worth by age.
Healthy Debt Benchmarks
Debt-to-Income Ratio
Add up your monthly debt payments and divide by your gross monthly income:
| DTI Ratio | Assessment |
|---|---|
| Under 20% | Comfortable |
| 20–36% | Manageable for most households |
| 36–43% | Stretched; lenders look more closely |
| Over 43% | High; hard to add new credit |
Common lending guidelines; exact limits vary by lender and loan program.
Debt Payoff Priority
- High-interest debt first: credit cards and personal loans charging well above what investments are likely to earn.
- Variable-rate and private loans next, since their cost can rise.
- Auto and federal student loans at moderate fixed rates on schedule, or faster if you have spare cash.
- Mortgage last: it is usually the cheapest debt you have, and paying it early ties up cash in your home.
Related: Average Mortgage Debt by Age | Average Student Loan Debt by Age
Part of our net worth guide.
Sources
- Board of Governors of the Federal Reserve System. “Survey of Consumer Finances, 2025” (public data, our calculations). federalreserve.gov/econres/scfindex.htm
- Board of Governors of the Federal Reserve System. “SCF 2025 historic tables based on public data (2025 dollars).” scf2025_tables_public_real_historical.xlsx
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