New York’s household debt is the 4th highest in the US and is getting worse

Resident of New York State Individual household debt is the fourth highest According to recent government reports, the burden is getting heavier.

Office of Inspector Thomas DiNapoli published the report This week, as of the fourth quarter of last year, New Yorkers averaged $53,830 in household debt.

New York State is still below the national average of $55,810, according to the report, but with factoring, the state was still well above the national average. Just student loans and credit card debt per capita.

At the end of last year, American household debt totaled $15.6 trillion. New York accounted for 5.6% of her total, or $869.4 billion.

California leads the nation in national average household debt. Texas, Florida, New York and Illinois round out the top five.

The average New Yorker household debt rose to $53,830 by the end of 2021.
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Average household debt rose 4% nationally and 2% in the Empire State in the first two quarters of this year, above the previous high set in 2008, according to the DiNapoli office.

The majority of national and statewide household debt consisted of mortgage debt, according to Thursday’s report.

In New York, 69.2% ($601.2 billion) of the average household debt of residents owed lenders for mortgage payments. Nationwide, the figure was 70.2%, or $10.9 trillion.

“Households across the country are carrying record levels of debt after a temporary decline when the pandemic began in 2020,” DiNapoli said.

California, Texas and Florida are the only states with more household debt than New York.
California, Texas and Florida are the only states with more household debt than New York.
Getty Images

“Student loans, mortgages and credit card debt are increasing for New Yorkers.”

“Borrowing can help individuals achieve their personal and financial goals, but large amounts of debt can have detrimental long-term consequences,” DiNapoli said.

“I urge policymakers to improve access for individuals and families to financial education resources and prepare them to build a stronger financial future.”

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