New York state residents have the fourth highest personal household debt in the country — and the burden is only growing heavier, according to a recent government report.
The office of Comptroller Thomas DiNapoli released a report this week indicating that New Yorkers were carrying an average household debt of $53,830 as of the fourth quarter of last year.
The report noted that while New York was still below the national average of $55,810, the state was still well above the national average when factoring in just student loans and credit card debt per capita.
By the end of last year, Americans amassed a total of $15.6 trillion in household debt. New York accounted for 5.6% of the total, or $869.4 billion.
California led the nation in national average household debt. Texas, Florida, New York, and Illinois round out the top five.
According to DiNapoli’s office, average household debt has rose by 4% nationally and 2% in the Empire State during the first two quarters of this year — outpacing the previous highs that were set in 2008.
The vast majority of household debt both nationwide and statewide was made up by mortgage debt, according to the Thursday report.
In New York, 69.2% of residents’ average household debt — or $601.2 billion — was owed to lenders for mortgage payments. Nationwide, that figure was 70.2% — or $10.9 trillion.
“Households across the nation have record levels of debt, after a temporary decline at the onset of the pandemic in 2020,” DiNapoli said.
“We’re seeing debt rise for New Yorkers with student loans, mortgages and credit cards.”
DiNapoli added: “Borrowing can help individuals achieve their personal and financial goals, but high levels of debt can cause damaging long-term consequences.”
“I urge policymakers to improve access for individuals and families to financial education resources, so they are better prepared to build a stronger financial future.”