Americans Pay Off an Average of $1.8 Million in Lifetime Debt—Most of It From Mortgages

American adults can expect to spend an average of nearly $2 million on debt payments over the course of their lifetime, with more than half of that amount going toward mortgage costs. 

The types of debt people take on—and when they take it on—shift significantly between the ages of 18 and 78, which is the average life expectancy in the U.S.— with geography also playing a crucial role, according to a new study from financial services company J.G. Wentworth. 

To find out how much debt U.S. adults accumulate over their lifetime, researchers focused on four common types of debt and average interest amounts, including mortgages, student loans, auto finance, and credit card debt, and how much debtors could be expected to owe on an annual basis. 

The authors of the study analyzed data from nearly a dozen sources, including the National Association of Realtors®, Federal Reserve Bank of New York, Experian, and LendingTree. 

The findings reveal that Americans should expect to pay off an average total of $1,786,810 over the course of their life, with mortgage payments accounting for the largest share of that amount at 62.6%, or more than $1.1 million, followed by credit card debt (excluding interest), at roughly 22%, or $387,985. 

Car loan payments consume $245,297, or about 14% of total lifetime debt, while student loans make up just 2%, or $35,668. 

How does debt change with age?

According to the J.G. Wentworth report, debt looks very different for people of different ages—and often accompanies major milestones, from buying your first car to enrolling in college and becoming a first-time homeowner. 

Armed with a driver’s license and the legal ability to obtain a credit card, Americans on the cusp of adulthood begin accumulating debt at age 18, carrying more than $20,000 on average that must be repaid over time. 

Over the next 20 years, that amount will fluctuate, dropping to about $5,700 during the college years, then jumping to $42,000 after graduation, when student loan repayment kicks in, and ticking up to $51,000 at age 30, when most people will buy their second car. 

The first truly dramatic spike in debt occurs around age 38, when Americans' average balance skyrockets to a staggering $320,000 as a result of their first home purchase—assuming a 30-year mortgage. 

"This investment catapults the total debt figure from $17,139 at age 37 to $320,092 at age 38—by far the greatest increase in the study," the authors of the J.G. Wentworth report write.  

It is important to point out that this information is based on a 2024 NAR study. Last month, the typical age of first-time buyers climbed to an all-time high of 40 years.

For the next 20 years, the debt burden mostly trends downward as mortgage, auto, credit card, and student loan payments are made, but then at 61, when Americans typically invest in their second home (assuming a 15-year mortgage), the debt peaks at $370,000 on average.

Similarly to first-time homebuyers, the age of repeat homebuyers increased to 62 this year, according to a NAR November 2025 study.

By the time of the average age of retirement at 67, Americans will see their accumulated debt decrease to roughly $213,000.

During the final three years, the only debt U.S. senior citizens are expected to be paying off is credit card debt totaling $6,700 a year. 

States with most and least debt

Debt norms vary dramatically across the 50 states, with the gap between the most and least expensive states approaching nearly $1.2 million. 

Hawaii stands out for having by far the highest average individual lifetime debt, surpassing $2.57 million, with mortgage payments accounting for nearly three-quarters of that amount. 

California—home to some of the nation's most expensive housing markets, led by San Jose—has the second-highest level of average lifetime debt, at $2.56 million, followed by Washington state, at $2.3 million.

On the other side of the spectrum, the typical resident of West Virginia carries the least amount of debt over their lifetime, totaling just under $1.4 million. 

"West Virginia has the lowest mortgage costs ($784,006), the 4th lowest credit card debt ($325,620), and 6th lowest student loan debt ($32,358)," according to the study.

The second-least debt-ridden state is Iowa, with loan repayments totaling $1.43 million, with Kentucky in third place, at $1.44 million.  

Focus on mortgage debt

The typical U.S. adult purchases two homes in their lifetime: the first around the 40-year mark and the second in their early 60s, according to NAR data.

Taken together, the two investments leave homebuyers with an average of $1,117,860 in mortgage debt, with wide regional variation.

A two-time homebuyer in California can expect to make $1.84 million in mortgage payments, the highest in the U.S., with Hawaii a close second with $1.82 million.

Meanwhile, the typical homeowner in the much more affordable West Virginia will likely take on just $784,000 worth of mortgage debt over their lifetime.