09/18/2012 12:42 pm ET Updated Sep 18, 2012

Miami Residents Have Higher Mortgage, Auto Loans, Student Loans: Study

A new study says that while Miami residents have more debt than the average American, we’re not bad with credit cards.

Credit Karma, a San Francisco-based credit score company, found that Miami residents have a higher mortgage, student debt and auto loan than the national average.

The largest bill for Miami residents is their mortgage: in August 2012, the average was $199,472, while the average American owes $32,000 less at $166,990.

Miamians are paying off average mortgages even higher than the Florida state average of $160,065.

This is partly because Miami simply has a higher cost of living, Credit Karma CEO Kenneth Lin told the Sun Sentinel. And many residents purchased homes when prices were higher during the housing boom, leaving them with a high mortgage payment.

The study also discovered that Miamians have more student debt than the average American. While students in the 305 are working to pay off $32,330 in debt, the average student owes less at $29,092 -- this, despite the greater South Florida area offering three of the top 6 least expensive public colleges in the country.

The same goes for auto loans, with Miami drivers owing almost $500 more than the national average: $16,411 still on the books and the roads.

However, even with more debt to pay, locals have less credit card debt and a credit score that is only points lower than the national average. The study lists the average national credit card debt at $5,403, while Miamians on average owe $4,697 on plastic. As for credit score, it’s just five points lower than the average at 646.

Perhaps most surprisingly, considering all that bottle service, Miamians’ credit card debt is decreasing over time. The study shows local residents owe nearly $1,000 less now than last year.