According to a recent government report, residents of New York state have the fourth highest personal household debt in the country—and the burden is only getting heavier.
Office of the Comptroller Thomas Dinapoli issued a report This week it shows that the median household debt for New Yorkers was $53,830 compared to 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 only student loans and credit card debt per capita.
As of 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 leads the nation in national average household debt. Texas, Florida, New York and Illinois round out the top five.
According to Dinapoli’s office, average home debt rose 4% nationally and 2% in the Empire State during the first two quarters of this year — surpassing the previous high set in 2008.
According to Thursday’s report, the majority of home loans across the country and across the state were made up by mortgage loans.
In New York, 69.2% of residents’ median home loans — or $601.2 billion — were owed to lenders for mortgage payments. Nationwide, that figure was 70.2% — or $10.9 trillion.
“Families across the country are in debt at record levels in 2020 after a temporary decline at the start of the pandemic,” Dinapoli said.
“We are seeing debt growth for New Yorkers with student loans, mortgages and credit cards.”
Dinapoli continued: “Borrowing can help individuals achieve their personal and financial goals, but high levels of debt can hurt long-term results.”
“I urge policymakers to improve access to financial education resources for individuals and families, so that they are better prepared to build a stronger financial future.”