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Top 15 US States with the Lowest levels of Debt Per Person

The article lists US states with the lowest debt per person, highlighting the impact of rising interest rates on private sector debt.

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US state with the lowest debt: The top 15 US states with the lowest levels of debt per person are listed in this article. Go to 5 US States with the Least Debt Per Capita to skip our discussion of rising interest rates and how they affect the property market.

The rise in global inflation has sparked a cycle of global tightening. Globally, major central banks reduced the amount of money in circulation by hiking interest rates and taking other actions. The goal of this tightening cycle is to provide some price stability and control commodity prices. Its size, speed, and synchrony have never been matched. But among the rising interest rates, one often-ignored conduit turns out to be crucial: private sector debt.

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Although American debt levels began to decline after the Global Financial Crisis, they are still historically high. In actuality, debt levels have been rising globally. The third quarter of 2023 saw an astounding $307 trillion in global debt. To put things in perspective, as of the third quarter of 2022, the total global debt was $289 trillion.

Households and businesses in the nation are particularly susceptible in the face of this massive debt and rising interest rates. The nation’s housing market is where this weakness is most noticeable. Because they will have to borrow money at higher interest rates to purchase a new home, homeowners across the nation are finding it more and more difficult to sell their properties.

The US is experiencing a housing scarcity as a result, and median home prices are still rising. First-time home purchases have decreased, according to Harvard’s The State of the Nation’s Housing Report 2023. The research also states that, in March 2023, the median monthly payment for a property was $3,000, which represents a 20% increase from March 2022. The primary cause of this rise in the monthly cost of ownership is the interest rates.

Numerous businesses are providing housing borrowers with cost-effective options in the face of growing homeownership expenses. Rocket Companies, Inc. is one such business. To help US home purchasers, the business has issued a Rocket Visa Signature Card and released more than $1.6 trillion in home loans. using every transaction made using the Rocket Visa Signature Card by Rocket Companies, Inc., homeowners can accrue five times as many points. Homeowners with mortgages serviced by Rocket Companies, Inc. can redeem these points for closing expenses and a down payment.

A Guide to Debt Relief in 2023: Navigating Financial Freedom

15 US states with the lowest debt per person

lowest levels of debt per person
(Credit: Hindustan times)

15. Nebraska

Total Debt Per Capita – $55,738

Among the US states with the lowest levels of debt per person is Nebraska. It’s interesting to note that the state has one of the highest rates of public debt per resident in the nation—more than $8,000. At roughly $47,500, it also has one of the lowest household debt per capita in the nation. With these two debts combined, Nebraska comes in at number fifteen on our list. It is important to note that rising student loan debt is one of the state’s growing concerns.

14. Wisconsin

Total Debt Per Capita – $55,244 

Wisconsin has a little over $8,400 in government debt per person as of 2023. But with one of the lowest household debt rates—roughly $46,790 per capita—the state ranks 14th on our list. The state’s high level of public debt can be attributed to the necessity of updating IT systems and replacing outdated infrastructure.

13. New Mexico

Total Debt Per Capita – $54,010 

Among the fifteen US states with the lowest debt per capita, New Mexico comes in at number thirteen. Its family debt per capita is just over $46,700, while its government debt per capita is $7,300. The Patients’ Debt Collection Practices Act is put into effect in New Mexico. In accordance with this act, patients who are at or below the 200% poverty line are not to receive medical bills from hospitals. The act also mandates that healthcare practitioners notify patients about public insurance and other options that may help them pay for their medical expenditures, as well as providing financial aid programs.

12. Missouri

Total Debt Per Capita – $53,946 

Missouri has one of the lowest household debts per capita in the US, coming in at number 12 on our list of the 15 states with the lowest debt per capita. It’s interesting to note, though, that it has one of the biggest government debts per capita in the nation, at over $8,000. A few of the elements driving the state’s debt are unpaid pension benefits and state bonds. Missouri has one of the lowest rates of household debt per capita in the nation because of its comparatively low cost of living when compared to other states.

11. Michigan

Total Debt Per Capita – $53,639 

Among the 15 US states with the lowest debt per capita, Michigan comes in at number 11. Its state debt per person is comparable to Missouri’s, and there is little variation in household debt per person between the two states. Student debt is one of the growing issues, even though household debt in the state is still low. But according to Bloomberg, the state has the strongest economy out of all of them since the COVID-19 outbreak. Significant economic growth since COVID-19 has had a favorable effect on household debt levels generally.

10. Indiana

Total Debt Per Capita – $53,397 

Among the ten US states with the lowest per capita debt is Indiana. It has one of the lowest national rates of public debt per person. The state is renowned for managing its fiscal policies carefully, which contributes to a low level of total debt per person. Indiana’s long-term liabilities in 2018 accounted for 50% of total assets, which was less than the then-current national average. The state’s prudent fiscal management, which has led to comparatively stable fiscal and financial health, is another quality that many experts value.

9. Kansas

Total Debt Per Capita – $52,875 

Kansas, which comes in at number nine on our list of the fifteen US states with the lowest per capita debt, has one of the lowest household debt levels, at just over $43,400. It is important to remember, too, that the state has one of the highest rates of public debt per resident, at about $9,400. Although Kansas has used debt more aggressively than the surrounding states, it has still used it mildly when compared to all US states. Its high percentage of unfunded pensions in comparison to GDP also adds to the increased level of public debt.

8. Iowa

Total Debt Per Capita – $52,688 

Iowa’s per-capita government debt is moderate, at about under $7,000. The state’s constitution restricts the debt of each political subdivision to 5% of the value of taxable property located in it, which contributes to the low debt per capita. Additionally, the state favors a pay-as-you-go strategy over borrowing. The state has a reputation for being debt-aware and for imposing restrictions on the kinds of debt that can be issued.

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7. Louisiana

Total Debt Per Capita – $52,492 

On our list of the 15 US states with the lowest debt per capita, Louisiana comes in at number seven. The state has one of the nation’s moderate levels of public debt per person, at slightly over $6,600. The state is renowned for emphasizing balanced budgets and for its cautious borrowing policies.

6. Kentucky

Total Debt Per Capita – $52,302 

Out of the 15 US states with the lowest debt per capita, Kentucky comes in sixth. It’s interesting to note that the state has a government debt per person of almost $12,000, which is exceptionally large. Its low household debt to population ratio, however, controls the total debt to population. Compared to other states, the state has a large debt load, and despite rising interest rates, there are worries about its aggressive borrowing.

The five US states with the lowest levels of debt per person are listed in this article. Visit 15 US States with the Least Debt Per Capita to read our discussion on rising interest rates and how they affect the property market.

5. Ohio

Total Debt Per Capita – $52,232 

Among the 15 US states with the lowest debt per capita, Ohio comes in at number five. The generally low household debt per capita of slightly more than $44,000 keeps the total debt per capita in check, while having one of the highest government debts per capita. Given that the state routinely scores highly on Moody’s homes Affordability Index, it has comparatively affordable homes. Affordable housing keeps the state’s overall mortgage lending rate low.

4. Alabama

Total Debt Per Capita – $51,257 

Alabama has one of the lowest per capita government debt rates, at about $6,800. It’s interesting to note that Ohio, which is lower on our ranking, has less household debt per capita than this state. The debt ceiling in the state is among the strictest. In the absence of a public vote, the Ohio constitution caps the amount of debt the state can have at $750,000. Ohio is fourth among US states with the least amount of debt per capita because Ohioans have continuously demonstrated a preference for lowering government debt through their voting habits.

3. Arkansas

Total Debt Per Capita – $45,999 

Among the fifteen US states with the lowest debt per capita, Arkansas comes in third. The state’s $39,150 family debt per capita is among the lowest in the nation, but the state’s government debt per capita is comparable to Alabama’s. The state continues to have minimal credit card debt and mortgage debt despite having high rates of auto debt. Because of the steady cost of living in the state, household borrowing has been contained. Furthermore, the state has borrowed less in real estate relative to other states, which has led to a decrease in mortgage borrowing.

2. West Virginia

Total Debt Per Capita – $43,808 

Compared to other states in the US, West Virginia has the lowest household debt per capita, at about $34,200. To put things in perspective, the state that leads our list has a household debt per capita of almost 38,100. It’s interesting to note that the state has the 19th largest per capita government debt. West Virginia is still ranked second among the states with the lowest debt per capita notwithstanding the combination of these two debts per capita.

1. Mississippi

Total Debt Per Capita – $43,132 

On our list of the 15 US states with the lowest debt per capita, Mississippi is at the top. It comes in second among states with the lowest family debt per capita and fifth among those with the lowest government debt per capita. The state’s generally low household debt is a result of its comparatively lower cost of living when compared to other states. Mississippians spend the least portion of their monthly income on debt, on average slightly over $1,200, according to a Lending Tree research.

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