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Old 11-30-2010, 08:02 AM
 
Location: The canyon (with my pistols and knife)
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Pittsburghers owe an average of $763 per month in mortgage, car and credit card payments, below the national average of $903.

They didn't specify whether this was a comparison of all metro areas or just major metro areas, and I know that there are other forms of personal debt, but this still sounds impressive nonetheless.
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Old 11-30-2010, 08:34 AM
 
Location: Philly
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would a large elderly "age in place" population reduce the avg mortgage calculation?
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Old 11-30-2010, 09:13 AM
 
Location: Pittsburgh area
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I would think so. They must be included in all the averages, as are people with paid-off cars and people who can't get credit and thus have zero credit bills.

I also wonder how they're treating renters. I have a suspicion that they're counting renters at zero mortgage cost, which would be weird, but how else can the averages be so low? The overall percentage of people living in owned housing with no mortgage is going to be small compared to owned housing overall, even here. I don't think they could get the averages that low if they simply excluded renters from the calculation.

I think they just took all people and all credit card, auto loan/lease and mortgage payments and run an average. Not meaningful really. The people with no mortgage still have a significant housing cost that appears to not be reflected in this average.
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Old 11-30-2010, 09:37 AM
 
Location: Macao
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Quote:
Originally Posted by Gnutella View Post
Pittsburghers owe an average of $763 per month in mortgage, car and credit card payments, below the national average of $903.

They didn't specify whether this was a comparison of all metro areas or just major metro areas, and I know that there are other forms of personal debt, but this still sounds impressive nonetheless.
That national average of $903 surprises me. Seems like it would be higher. I mean, if Pittsburgh is $763, it seems the national average would be much higher than $903 in that case.
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Old 11-30-2010, 04:53 PM
 
Location: Foot of the Rockies
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Pittsburgh's debt isn't extremely lower, either. It is 84% of the national average. BTW, if you look at this closely, they're saying per capita, meaning a couple has twice that debt in their household. At that point, the numbers make more sense. Maybe they aren't including leased cars, either.
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Old 11-30-2010, 06:40 PM
 
Location: Pittsburgh area
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Well...yeah, okay, maybe the couple thing is right, but there are a number of single households that should push that average higher. Well, of course here, that's probably not true and would help account for why it's so low here. The study expressly includes leased cars BTW, if you click on through to the Experian release.
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