state debt ranking

The Five States with the Highest Debt per Capita. Besides the second-best state debt ratio, the state’s roughly $1.14 billion in total liabilities is the lowest amount in the study. Sign up now! The map below shows total debt per capita in each state, based on data from the New York Federal Reserve at the end of 2017. South Carolina’s debt ratio is better than the U.S. median, and its total net position is also higher at $19.76 billion. Maryland suffers from the highest state debt ratio in the South Atlantic division. Washington is saddled with the nation’s seventh-highest total liabilities. 36 Missouri. States With the Least Debt in 2020 The states with the least amount of debt are an interesting mix of states geographically. They all are struggling with debt — and it’s something entire states are struggling with, too. When you calculate total net position, Texas’ assets exceed liabilities by almost $168 billion, the biggest surplus in the study. The good news for Colorado’s state debt is that total assets exceeded liabilities, for a total net position of $13.28 billion. Maryland: $72,310. The state’s total net position is more than $55 billion, the fourth-highest in the country behind Alaska. "California has the highest debt-to-income ratio in … Connecticut is the bottom state on this ranking, with an average of $41,579 in student debt upon graduation. In states with the lowest debt-to-income ratios, residents have a higher percentage of credit card debt compared to residents in states with the highest DTI. California. Here are the states that have the most and least amount of debt, starting with the states that have the least. States with the Most Debt 1. Alaska is one of seven states with no income tax; however, it raises a lot of its money through taxes on oil and gas production and properties. In a report released in September 2017 by the nonprofit Truth in Accounting (TIA), states were ranked by taxpayer burden, a term that reflects "the amount each taxpayer would have to send to their state's treasury in order for the state to be debt-free" as of 2016. Hawaii’s total assets just barely exceed its total liabilities, and the state’s financial situation is declining. Calculating Your Stimulus Check: How Much (if Any) Will You Get. States Debt Rank. It’s followed by Florida, South Dakota, North Carolina and Utah to round out the top five. However, the state appears to be on the upswing, with one of the lowest debt ratios of all the states. Tennessee is the top state for fiscal stability. At the end of fiscal year 2017, Vermont’s state revenues exceeded expenditures by only $34.7 million. New Hampshire has the second-lowest debt ratio in the Census-designated New England division after Connecticut. Win $500 – and Start the New Year Right! Download Options. Massachusetts is ranked third with a debt of $77.0 billion followed closely by New Jersey with an outstanding debt of $65.90 billion. The largest expense in the 2017 fiscal year was health and human services, which accounted for $135.1 billion in government spending. In fact, it’s one of the most recession-proof states. Please try again later. Revenue Breakdown. Revenue Details. Compare and rank State, Local Government Spending, Debt by state; from US Census Bureau. The main culprit for New York's towering debt is overspending on Medicaid. Like Idaho, Wyoming falls within the Mountain Census division. Alaska also has the highest unemployment rate of any state. With a debt ratio of less than 23 percent, North Carolina’s finances are in a very healthy position. But in absolute numbers of liabilities to assets, Arkansas has a net position of roughly $15.8 billion compared to almost $168 billion in Texas. Long-term liabilities are higher than the national average, at 330 percent of total assets, or $12,816 per capita. All … And, it’s one of the top three states for rich Americans. Iowa possesses a total net position of over $16 billion, which is on par with the national median. Pennsylvania is one of the states that relies most on “sin taxes” — the taxes on tobacco, alcohol and gambling — to balance its budget, according to a Pew study. Hawaii: $74,230 3. Six of the 10 states with the most student debt per capita also ranked in the top-10 states on the percent of residents with at least a bachelor’s degree: the District of Columbia, Massachusetts, Colorado, Maryland, New Jersey, and New York. This number, usually shown as a percentage, is calculated by dividing the total debt by the total output. Unemployment Rate; Median Income; S&P Bond Rating; Total Debt; Uninsured; Educational Attainment; State Rankings. However, the state has stayed in the black, boosting revenues for fiscal year 2017.Â. Last year, West Virginia ranked as one of the states with the worst economies. 1 spot of states with the highest debt is New Jersey. Social Insurance. That shows how statistics can be both illuminating and misleading. These taxes accounted for 7.3 percent of total taxes in 2015, which is significantly greater than the U.S. average of 2.3 percent for that year, the study found. States Rank. Student-Loan Indebtedness - Total Points: 85 New York has the highest debt of any state, with total debt of over $203.77 billion. When you sign-up to receive bi-weekly email updates from GOBankingRates, you’ll automatically be entered for a chance to win our $500 #BestBanksBestYou sweepstakes. In states with the highest debt-to-income ratios. States with the highest amount of state and local debt per capita in the 2012 fiscal year (the most recent data available from the Census Bureau) were New York ($17,405 per person), Massachusetts ($14,517 per person), Alaska ($13,066 per person), Connecticut … While New Jersey ran up more expenses than revenues, that’s not the principal cause of its dire financial straits. These tables show the per capita student loan debt by state for the top- and bottom 10 states. According to Moody’s, the state owes more than $250 billion in pension debt. These offers do not represent all available deposit, investment, loan or credit products. debt (CIA) Date Total (gross) government debt (IMF) Net government debt (IMF) Date Region Afghanistan: 8.3: 2016: 7.346: 2016: Asia Albania: 71.3: 2017: 71.244: 65.472: 2017: Europe Algeria: 19.9: 2017: 66.57: 20.487: 2021: Africa Andorra: 41.1: 2012: Europe Angola: 87.8: 2017: 107.53: 2021: Africa Antigua and Barbuda: 92.7: 2016: 86.823: 2017: Central America/Caribbean Argentina: 53.7: 2017: 52.615 The report found that 39 states did not have enough money to pay all of their bills. Illinois is one of the worst states for pensions. The study also determined each state’s total net position — total assets minus total liabilities — to provide the fullest picture possible. Finally, we ranked the states based on the calculator’s outputs. However, the Lone Star State more than makes up for this with its nearly $308 billion in total assets — the highest of all states. 1. Mississippi is one of the states with the lowest tax bills, and it has managed to keep its state debt in check. In the 2017 fiscal year, Arizona collected $15.6 billion in taxes, with transaction privilege tax (TPT) making up the bulk of that amount at $9.1 billion. The study ranks the states according to their Taxpayer Burden or Surplus™, which is each taxpayer's share of state bills after available assets have been tapped. A monster debt that has any risk of default is uglier than a smaller debt with a higher likelihood of default. To assess each state’s economic standing and debt burden, GOBankingRates looked at each state’s total liabilities, total assets and the debt ratio between the two. 10 last year), with assets exceeding liabilities by around $6.3 billion. The state with the lowest bankruptcy rate is the state with the highest credit-card debt ranking. Colorado: $73,890 4. Then comes New Hampshire with $41,511. Kentucky’s total net position — total assets including deferred outflows of resources minus total liabilities including deferred inflows — is more than negative $15 billion. The private shares created a feeding frenzy among investors. Total Revenue. With total assets at nearly $15 billion versus liabilities of just over $2 billion, Nebraska has the third-best state debt ratio in the U.S. Videos for News Use: By Yaёl Bizouati-Kennedy. These two metrics were sourced from each state’s most recent Comprehensive Annual Financial Report. Utah is a Mountain state that leads most U.S. states with its low debt ratio. In 2018, the gross federal debt amounted to around $65,600 U.S. dollars per capita. Despite enduring the decline of the American auto industry, Michigan has kept its total revenues above total expenses. This graph shows state and local government debt in the United States as a percentage of Gross Domestic Product for the 2017 fiscal year, by state. With a total net position of $23.09 billion, Virginia ranks 16th out of all 50 states. One of the most tax-friendly states in the country, Tennessee has a debt ratio of 16.4 percent. Income Taxes. That could change in the future — Wyoming is heavily dependent on its mineral and energy industry, especially oil, which has been adversely impacted by cheaper oil prices in recent years. Individual and corporate taxes contribute a large chunk of the state’s total revenue, with nearly $5 billion collected in 2017. How much debt does a state have? When looking at debt by state, Texas has the fifth-highest total liabilities in the country. Bottom Five States Privacy Policy. Map; Table; 1999 2019 PLAY. Wisconsin’s debt ratio is still lower than the 52.3 percent national median. New York has attempted to fill budget gaps by cutting school aid and health care costs in recent years. And its total net position — $7.04 billion — is far below the national median. Here are the rankings (from best to worst): Click on the state’s name to learn more about the state’s financial condition on State … Find Your State: The Biggest Source of Debt for Americans in Every State. Almost 15% of all debt held in the nation’s capital is owed on student loan debt. Including deferred inflows and deferred outflows of resources, New Jersey’s total liabilities surpassed its assets by $132.6 billion. Texas, Pennsylvania, and Connecticut follow each other with a debt of $51.0 billion, $47.5 billion and $38.8 billion respectively. Others have low-paying jobs keeping them in a vicious cycle of credit card debt just to make ends meet. The state’s debt is jeopardizing major cities like the capital, Hartford, which is one of the cities nearing bankruptcy. Washington, D.C. $1.7 trillion: the total amount of outstanding student loan debt 44.5 million: the total number of federal student loan borrowers $29,076: the average student loan debt per borrower from the Class of 2019 $15,919: the average student loan debt per graduate from the Class of 2019 55%: the percentage of graduates from the Class of 2019 with student debt () Because Maine is a relatively small state, its total net position is low, at $2.22 billion. Some Americans have student debt they’ll be paying off for decades. With $1.5 billion, Wyoming is the state with the lowest total college debt in the nation. Finally, we determined each state and the District’s weighted average across all metrics to calculate its overall score and used the resulting scores to rank-order our sample. Most of the states were ill-prepared for any crisis, much less one as serious as what we are currently facing. Arkansas has a lower debt ratio than Texas. Total State Debt: ranked from lowest debtor state (#1) to highest debtor state (#50) : The States Project. Compared to the rest of the country, Oklahoma’s combined state and local sales tax rate is the sixth-highest in the U.S., generating over $3.1 billion in revenue for fiscal year 2017. 1. Not only do Montana’s assets exceed its liabilities, the state manages to accomplish this without having sales tax as a source of revenue. Arkansas falls into the West South Central division alongside Texas and two other states. For most Americans, their mortgage is their largest source of debt. Although Louisiana ranks No. Compare state and local revenues for the 50 states against state growth and population. A separate GOBankingRates study found that Utah is one of the best states for job seekers. State Debt Rank. In a report released in September 2017 by the nonprofit Truth in Accounting (TIA), states were ranked by taxpayer burden, a term that reflects "the amount each taxpayer would have to send to their state's treasury in order for the state to be debt-free" as of 2016. Mountain states, … For fiscal year 2017, total assets minus liabilities came out to about $11.81 billion. Alaska has the largest surplus of all states, with a ratio of liabilities to assets of only 13.3 percent. Including deferred inflows and deferred outflows of resources, New Jersey’s total liabilities surpassed its assets by $132.6 billion. There was an unknown error. This year the study found that 40 states do not have enough money to pay all of their bills and in total the states have racked up $1.5 trillion in unfunded state debt. Missouri boasts a robust total net position of over $29 billion, which is the eighth-highest in the country. 1 spot of states with the highest debt is New Jersey. Total revenues from governmental activities increased year-over-year in Kansas, while total expenses decreased. Education costs form the bulk of expenditures: about $5.4 billion out of a total of $12.98 billion in expenses for 2017. Other jurisdictions with a low total student loan debt by state include Alaska, North Dakota, and Vermont. And its state debt is hard to fathom. And also like Idaho, Wyoming boasts a low state debt ratio. Although it has one of the highest debt ratios, Colorado is still one of America’s richest states. States were then ranked in order from lowest debt ratio to highest debt ratio. Why 50% of Women Aren’t Investing Their Money, 50 photos. The main cause of this is the increase in long-term liabilities, namely the growth of pension debt and other post-employment benefits that the state is on the hook to pay. The Midwest puts up excellent numbers with South Dakota. Read More: The Best Ways to Pay Off Every Kind of Debt. nability to manage its pension system in a sustainable and affordable way” has lowered its bond rating to justÂ, States With the Most and Least Amount of Debt. How large are its unfunded pension and healthcare liabilities? Although it’s in the bottom half of the list, Georgia has shown promise when it comes to state debt and its financial situation. These offers do not represent all available deposit, investment, loan or credit products. West Virginia’s debt ratio is the third-highest in the South Atlantic division. Idaho’s total net position falls below the national median, at $13.04 billion. Overall, Washington, D.C. has more than 3x more total debt per capita than West Virginia. With total assets of over $96 billion — the sixth-highest of all states — however, Washington’s net position is still in the black. © 2021 GOBankingRates. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). State-Level Debt-to-Income Ratio, 1999 - 2020 These maps illustrate the evolution of the median household debt-to-income ratio by state over time. Start Today: 30 Ways to Dig Yourself Out of Debt, Nevada falls into the bottom half of the list of states with the highest debt. The Five States with the Highest Debt per Capita. New York's total assets are around $106.61 billion, giving the state a debt ratio of 273.8%. All Right Reserved. Download data. Total debt among the 50 states amounted to $1.4 trillion at the end of the fiscal year 2019, which will only worsen as the states face varying and unpredictable effects from the global pandemic. The biggest sources of state debt are pensions, school construction and transportation-related construction. In our debt by state study, New York boasts the third-highest total assets in the U.S., behind Texas and California. Andrew DePietro is a finance writer with years of experience covering topics such as taxation, Social Security, entrepreneurship, investing, real estate and housing markets. The state’s “inability to manage its pension system in a sustainable and affordable way” has lowered its bond rating to just one notch above “junk” status. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The top five most fiscally solvent states are Nebraska (#1), South Dakota (#2), Tennessee (#3), Florida (#4), and Oklahoma (#5). Download Options Subtracting liabilities from assets leaves a total net position close to $96 billion, the second-highest amount in the study. For our viz we use a radial chart comparing the overall total debt level for each state, with the totals broken down by subcategory. Sources: Data used to create this ranking were collected from the U.S. Census Bureau, Federal Reserve and TransUnion. Rank the 50 states for state and local debt. But not all states need the same assistance, so Stacker looked at WalletHub data from 2020 to determine where student debt is hitting the nation the hardest. Indiana’s financial situation is mediocre at best. In absolute numbers, Alaska has the third-highest net position in the U.S. at roughly $72 billion. In 2017, Wisconsin received $529.1 million more in tax revenues than the previous year. For all states except Alabama, this was fiscal year 2017. The table below lists the taxpayer burden or taxpayer surplus in the states from 2009 to 2016. And its state debt is hard to fathom. At 36.6 percent, rising healthcare costs contributed the highest percentage of governmental expenses. Taking the No. However, its total net position works out to only about $12.74 billion, below the national median of $16.14 billion. Taking the No. The biggest expenditure in 2017 was human services. Minnesota leads the West North Central division with a debt ratio of 66.6 percent, but it’s not the worst in the overall Midwest region. Though it maintained greater revenues to expenses, the latter rose significantly — about a $3 billion increase compared to the previous year — mainly due to growth in health and human services expenditures. One of the richest states in America, North Dakota has the third-lowest debt ratio in the Midwest region, behind Nebraska and South Dakota. His work has appeared on MSN, Yahoo Finance, Fortune, Forbes, CBS and U.S. News. Taxes are almost always the biggest and most visible source of state revenue. Ohio has the second-highest total liabilities in the Midwest region, trailing Illinois’ huge amount of state debt. On the flip side, New York’s total liabilities rank fourth highest. Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. States Map. 11 among states with the most debt, its net position improved year-over-year (it was No. Stats by State. The debt-to-GDP ratio is defined as the ratio of a country's (or state’s) public debt compared to its gross domestic product (GDP), or output. Each metric was graded on a 100-point scale, with a score of 100 being granted to the state with the most student debt. In the long run, Illinois’s negative net asset ratio of 2.86 points to the use of debt and large unfunded obligations. Every state has its own statute of limitations on debt, and each varies depending on the type … In a separate study, Nebraska also ranked as one of the most economically diverse states. One of the cheapest states in America, Alabama has managed to keep total state revenues ahead of total expenses. 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Click through to see how this woman paid off $30,000 in 10 months. In Massachusetts, primary government liabilities exceed assets by over $57 billion. Get weekly email updates, including expert advice to help you Live Richer™.Â. Fortunately, Ohio also possesses the largest total net position — $29.71 billion — in that same region, just ahead of No. Most notably, Georgia’s growing economy fueled a $766.8 million increase in tax revenue from fiscal year 2016 to 2017. It should be noted, however, that the chief source of government revenue was not from taxes, but operating grants Michigan received from the federal government. Total debt per capita is only part of the picture, though. However, its debt ratio is the fourth-lowest. But total expenses also rose, from $32.47 billion in 2016 to $32.53 billion in 2017.Â, Check Out: Best and Worst States to Get Out of Debt. Property and income taxes fund the state, instead. Hawaii’s net position decreased by $200.7 million — or 15.9 percent — from the previous year, according to the state financial report.Â. CSV file: tab-delimited text: Revenue Overview. Oregon increased its total revenues from fiscal year 2016 to 2017, while decreasing expenditures. Illinois’ total net position is actually about $4 billion worse than New Jersey’s; New Jersey simply has a higher debt ratio.

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