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Saturday, July 27, 2019
Hawaii Consumers Deepest in Debt--Not Counting Mortgages
By News Release @ 6:50 PM :: 1932 Views :: Hawaii Statistics, Cost of Living

Where you live can affect your debt load

From The Ascent, Motley Fool, July 23, 2019 (excerpt)

…Although many people blame themselves for their debt problems, there are certainly valid reasons they find themselves in debt. What is interesting is that in some states, the average debt is significantly higher than the average annual income -- most dramatically in Hawaii, where the per capita debt is $18,025 higher than the per capita income. That’s not so surprising when you consider that Hawaii comes out on top in cost of living comparisons and has done so for several years.

Here are 15 states which have a higher per capita debt balance than per capita income.

State Per capita income Per capita debt balance Difference between per capita income and debt
Hawaii $54,565 $72,590 ($18,025)
Colorado $56,846 $71,340 ($14,494)
Utah $45,340 $59,320 ($13,980)
Arizona $43,650 $53,060 ($9,410)
California $62,586 $71,860 ($9,274)
Virginia $56,952 $65,480 ($8,528)
Maryland $62,914 $71,120 ($8,206)
Oregon $49,908 $55,090 ($5,182)
Idaho $43,155 $48,260 ($5,105)
District of Columbia $81,882 $86,730 ($4,848)
Washington $60,781 $65,390 ($4,609)
Nevada $48,225 $52,770 ($4,545)
Delaware $51,449 $54,200 ($2,751)
Georgia $45,745 $48,370 ($2,625)
South Carolina $42,736 $43,880 ($1,144)

Data sources: New York Fed Consumer Credit Panel / Equifax, March 2019; U.S. Department of Commerce, Bureau of Economic Analysis, 2019.

States with the highest cost of living

Hawaii is not the only state that has both a high cost of living and a high level of debt. A quick look at recent research from the Council for Community and Economic Research into the most expensive states, which factors in everything from food to utilities, transport and housing, shows considerable crossover with the states that have the highest gap between income and debt.

Most expensive states to live in

District of Columbia
New York
New Jersey
Rhode Island
New Hampshire

Data source: Council for Community and Economic Research.

As you can see, six states (Hawaii, District of Columbia, California, Oregon, Washington and Maryland) make both lists. Of course, if you live in one of these states, you will already know that the cost of living is high. And you may already be pushing or exceeding the rule of thumb that says you should spend no more than 30%-35% of your gross monthly income on either rent or mortgage (including property taxes and home insurance)….

read … Full Report

PBN: Study: Hawaii residents out-debt their salaries more than any state in the nation


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