3/4s of millennials are more than $100,000 in debt, most not from mortgages

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The study found that most millennials have over $100,000 worth of debt with most of it not connected to a mortgage.

Over 70 percent of millennials have some form of non-mortgage debt with the average millennial owing $117,000, according to the report.

Almost half of millennials, or 48 percent, reported having some form of student loans with the average person owing $126,993 but the most common type of debt was credit card debt, with 67 percent of millennials having some amount of debt on a credit card.

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- The average millennial spends 47% of gross monthly income on housing each month — 1.5x more than the recommended 30%.

- 77% of millennials already have children or want them in the future, but 1 in 4 (25%) say they can’t afford them.

- The most common type of debt among millennials is credit card debt, with 67% of those with debt carrying a balance.

- Nearly half of millennials with debt (48%) say they have student loans, with the average respondent owing $126,993.

- More than half of millennials (53%) own a home, but 1 in 6 millennial homeowners (16%) regret their purchase

- Of those who don’t own a home, nearly 1 in 3 (30%) don’t think they’ll ever be able to afford one.

- One-fourth of millennials (25%) aren’t confident they could afford a $500 emergency expense out of pocket, and one-third (33%) don’t think they could afford a $1,000 emergency.

- Not saving enough is the No. 1 financial regret among millennials (37%).

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