Millennials in the West Palm Beach-Fort Pierce area rank among the top 5 metro areas in the U.S. struggling with high levels of unpaid credit card debt, according to a report by SmartAsset, a personal finance technology company.
The report states that millennials — those age 20-34 — around Palm Beach County face unusually high rent prices that contribute to financial strain.
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An average one-bedroom apartment in the region goes for about $940 per month, or about 40 percent of the average resident’s income, according to the report.
“If you are paying 40% of your income on rent, it may mean you cannot tackle high credit card debt aggressively enough,” the report states. The report is based on data analyzed by SmartAsset.
Among the 202 locales studied, the West Palm Beach-Fort Pierce area ranked 4th-worst in the nation, according to SmartAsset.
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Other areas of Florida that did not fare well were Miami-Fort Lauderdale and Tallahassee-Thomasville, which ranked 5th and 9th respectively.
What city topped the list? None other than Savannah, the oldest city in Georgia.
See the complete top ten list here.