Personal Debt-to-Income Ratios Across U.S.

Scholaroo analyzed data from median household income and personal debt in all 50 states to reveal personal debt-to-income ratios across the U.S.

One of the top concerns among Americans is the undeniable fact that personal debt has reached alarming levels.

Despite a year marked by high inflation and rising interest rates, consumers continued taking on debt. In fact, household debt rose to $16.51 trillion during the third quarter of 2022, as reported by the Federal Reserve Bank of New York. This represented an 8.3% rise, primarily driven by mortgage-related debt, when compared to the corresponding period in the previous year.

Taking all of this into consideration, Scholaroo´s data team calculated the personal debt-to-income ratio across all 50 states. This report examines the median household income and personal debt of individuals in the U.S. Read on to find out which state is the best, and how other states ranked in comparison.

Key Highlights

  • Massachusetts, California, and Hawaii are the states with the lowest personal debt-to-income ratios in the country.
  • Georgia residents entered 2023 with the highest average non-mortgage debt. Residents owed an average of $45,778 in December 2022.
  • Between December 2021 and December 2022 the average non-mortgage debt in North Dakota jumped by $6,719, the most across the U.S.



Scholaroo´s data team gathered information from official public data available that displays the median household income across the U.S.

On the other hand, we also collected public data that showcases the personal debt in all 50 states. The personal debt includes auto loans, credit cards, student loans, personal loans and other debt excluding mortgages.

With this data, we were able to determine the personal debt-to-income ratio across the country.