Deciding whether to pay a lump sum off your mortgage or to add extra money to your monthly payments is an important decision that requires careful consideration. There are advantages and disadvantages to both approaches, so it is important to weigh your options and determine the best approach for your particular situation. Paying a lump sum off your mortgage can be a great way to reduce the amount of interest you pay overall and to get out of debt sooner. On the other hand, adding extra money to your regular monthly payments can help you to save more money in the long-term as you’ll pay less interest over the life of your loan. It can also be easier to manage your budget if you are able to make a consistent payment each month. Ultimately
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According to the 2020–2021 U.S. Census, San Francisco is one of the top 20 largest cities in America, with more than 815,000 residents. S. census estimates. Credit Karma data from Aug. 175,432 Credit Karma users who reside in San Francisco have an average total debt of $121,461, according to data from 2022 — the highest average of users in the 100 largest U S. cities. In this instance, credit card debt, mortgages, student loans, auto loans, and medical debt make up the total amount owed. (Click here for the full methodology. ).
Continue reading to get an overview of San Francisco’s debt.
Credit Karma Stat Snapshot
The combined total debt of the 175,432 Credit Karma users in San Francisco was about $3. 96 billion. One of the largest discrepancies between average and median total debt out of the 100 largest cities in the nation was found in this city, where the average total debt for individuals was $121,461, but the median total debt was only $9,289 This suggests that a small percentage of people have more debt than the majority of people who live in San Francisco. The average next payment on that debt is $750.
The median debt for Credit Karma members is $11,223 while the average debt is $49,454 nationally.
San Francisco’s debt dial
Auto loans, student loans, mortgage and credit card debt in San Francisco
The following table includes medians and averages for various debt categories among Credit Karma users in San Francisco. When compared to members’ average mortgage debt in the other 99 largest American cities, San Francisco members have the highest average mortgage debt.
| Debt type | Number of Credit Karma members with debt type | Average debt | Median debt | Average next payment |
|---|---|---|---|---|
| Auto loan | 79,858 | $23,902 | $19,099 | $592 |
| Student loan | 59,641 | $42,039 | $18,789 | $88 |
| Mortgage | 48,751 | $763,123 | $606,242 | $3,880 |
| Credit card | 173,049 | $7,981 | $3,818 | $184 |
The table that follows compares the national average with the averages in San Francisco among Credit Karma members to show how residents of San Francisco compare to the national member averages.
| Debt type | National average debt of Credit Karma members | San Francisco member average debt |
|---|---|---|
| Auto loan | $24,042 | $23,902 |
| Student loan | $32,004 | $42,039 |
| Mortgage | $235,194 | $763,123 |
| Credit card | $6,469 | $7,981 |
How does San Francisco rank against other cities?
We compared averages for Credit Karma users residing in the top 100 most populous cities in the United States as of 2021. S. census population estimates.
San Francisco has the No. 100 ranking among the top 100 cities. 1 highest overall average debt among Credit Karma members. Only three cities have an average total debt that is higher than $100,000, and San Francisco is one of them.
Here is how San Francisco members fared in comparison to the other top 100 American cities.
Credit, inquiries and past-due accounts in San Francisco
San Francisco Credit Karma users have an average VantageScore of 3. The median credit score was 756, which is a good score, and the 0 credit score was 727. The national average VantageScore 3. 0 was 673 for Credit Karma members, and 682 was the median.
Members in San Francisco had an average of three credit report inquiries compared to the national average of four. 2. Residents of San Francisco average 0. 35 accounts that were 30 days past due. The national average is 0. 74 accounts.
Methodology
We analyzed the accounts of about 205,000 Credit Karma members in San Jose who had been active on the site within the previous 36 months in order to determine averages across categories of debt, including auto lease, auto loan, credit card, mortgage, student loan, medical debt, and total debt. In order to calculate averages, data from members’ TransUnion credit reports from the 90 days prior to the data pull, which was on August 17, 2022. Auto lease, auto loan, credit card, mortgage, medical, and student loan debt are all unpaid balances that were present on members’ open accounts collectively at the time the data was retrieved for this analysis. The closest whole was used to round all of the numbers in this report.
Keep in mind that this article’s data was all retrieved on August 17, 2022.
FAQ
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Is SunTrust and LightStream the same?
Company Overview. The online consumer lending arm of Truist, which was created in 2019 as a result of the merger of BB&T and SunTrust, is called LightStream. In 2012, SunTrust purchased the assets of online lender FirstAgain and rebranded the company as LightStream.
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