**Which States Carry the Most Debt?**

Americans are always concerned about debt—both their own and their government’s. Using data from the Federal Reserve, this visualization highlights the highest debt-to-income (DTI) ratios across U.S. states.

ℹ️ *Debt* includes mortgages, autos, credit cards, and other personal debts but excludes student loans. *Income* is based on unemployment insurance-covered wages, as reported to the Bureau of Labor Statistics.

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### Top States by Debt-to-Income Ratio (2025)

Two states share the top spot: **Idaho** and **Hawaii**, both posting a DTI of **2.06**, meaning households owe just over twice their annual after-tax income.

| Rank | State | Code | DTI Ratio (2025) | DTI Ratio (1999) | Change (1999-2025) |
|——-|————–|——|——————|——————|——————–|
| 1 | Idaho | ID | 2.06 | 1.50 | 0.56 |
| 2 | Hawaii | HI | 2.06 | 2.06 | 0.00 |
| 3 | Arizona | AZ | 1.84 | 1.40 | 0.44 |
| 4 | Colorado | CO | 1.84 | 1.40 | 0.44 |
| 5 | Utah | UT | 1.84 | 1.40 | 0.44 |

Other states rounding out the top ten include Maryland, South Carolina, Nevada, Oregon, and Florida, with DTI ratios ranging from 1.60 to 1.72.

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### What Drives Higher Debt Levels?

In **Hawaii’s** case, elevated housing costs push mortgage balances sky-high. Meanwhile, **Idaho** has experienced a surge of migrants since 2020, driving home prices up and leaving many newcomers with large, fresh mortgages.

The presence of fast-growing markets with rising prices and younger populations—such as Arizona, Colorado, and Utah—also contributes to higher leverage and larger household debts.

ℹ️ *Related:* Hawaii has the fifth-lowest homeownership rate in the country.

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### States With the Lowest Household Debt

At the other end of the spectrum, states like **Pennsylvania**, **Ohio**, and **North Dakota** report some of the lowest household debt levels, with DTI ratios of just **1.11**.

Common traits among low-debt states include:

– Lower housing costs
– Older homeowner bases with significant home equity
– Slower population growth, which tempers new borrowing

Interestingly, even high-income states such as **Connecticut** and the **District of Columbia** fall into this lower-debt category, thanks to well-paid residents who manage to keep their balances in check.

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### Key Takeaways

– Regional housing dynamics, more so than incomes alone, dictate the levels of household debt across states.
– The exclusion of student loans from the debt calculations likely understates the true burden on younger households.
– The income measure used (unemployment insurance-covered wages) excludes other income sources, which may overstate debt ratios in areas with high capital income, like finance-heavy metros.

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If you enjoyed this post, check out *Visualizing Government Debt-to-GDP Around the World* on **Voronoi**, the new app from Visual Capitalist.

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**Topics:** Business/Economy; Society
**Keywords:** debt

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