New Jersey household debt-to-income ratio above national average | New Jersey


(The Center Square) – The median debt-to-household income ratio in New Jersey during the second quarter of 2020 was 1.62 to 1.75, which is higher than the national average of 1, 51, the Federal Reserve system. recently reported.

In the second quarter of 2019, New Jersey’s debt-to-income ratio was between 1.51 and 1.62.

The Fed considers these government household debt ratios to be essential in explaining the slow economic recovery in many regions following the Great Recession more than a decade ago. States or counties with high household debt-to-income ratios experienced declines in consumer spending and employment as the recession unfolded, the Fed reported.

In Fed data, household debt figures come from both Equifax and the Consumer Credit Panel of the Federal Reserve Bank of New York. Household income estimates come from the United States Bureau of Labor Statistics.

The debt ratio of a household is defined as the monthly debt payments divided by the gross monthly income.

Second Quarter 2020 Debt-to-Income Ratios by State

State Debt-to-low income ratio (Q2 2020) High debt-to-income ratio (Q2 2020) Debt-to-low income ratio (Q2 2019) High debt-to-income ratio (Q2 2019)
Alabama 1.51 1.62 1.41 1.51
Alaska 1.62 1.75 1.62 1.75
Arizona 1.75 1.89 1.75 1.89
Arkansas 1.33 1.41 1.24 1.33
California 1.75 1.89 1.75 1.89
Colorado 1.89 2.13 1.75 1.89
Connecticut 1.51 1.62 1.41 1.51
Delaware 1.75 1.89 1.51 1.62
District of Colombia 0.39 1.09 0.39 1.09
Florida 1.89 2.13 1.75 1.89
Georgia 1.62 1.75 1.51 1.62
Hawaii 2.13 2.13
Idaho 1.89 2.13 1.89 2.13
Illinois 1.33 1.41 1.24 1.33
Indiana 1.41 1.51 1.24 1.33
Iowa 1.24 1.33 1.09 1.24
Kansas 1.09 1.24 1.09 1.24
Kentucky 1.24 1.33 1.09 1.24
Louisiana 1.51 1.62 1.41 1.51
Maine 1.75 1.89 1.62 1.75
Maryland 1.89 2.13 1.89 2.13
Massachusetts 1.33 1.41 1.24 1.33
Michigan 1.41 1.51 1.24 1.33
Minnesota 1.41 1.51 1.33 1.41
Mississippi 1.51 1.62 1.41 1.51
Missouri 1.33 1.41 1.24 1.33
Montana 1.89 2.13 1.75 1.89
Nebraska 1.24 1.33 1.09 1.24
Nevada 2.13 1.75 1.89
New Hampshire 1.75 1.89 1.62 1.75
New Jersey 1.62 1.75 1.51 1.62
New Mexico 1.62 1.75 1.51 1.62
new York 1.09 1.24 0.39 1.09
North Carolina 1.62 1.75 1.51 1.62
North Dakota 1.09 1.24 0.39 1.09
Ohio 1.24 1.33 1.09 1.24
Oklahoma 1.24 1.33 1.24 1.33
Oregon 1.75 1.89 1.62 1.75
Pennsylvania 1.33 1.41 1.24 1.33
Rhode Island 1.75 1.89 1.51 1.62
Caroline from the south 1.89 2.13 1.75 1.89
South Dakota 1.33 1.41 1.24 1.33
Tennessee 1.51 1.62 1.33 1.41
Texas 1.33 1.41 1.09 1.24
Utah 1.75 1.89 1.75 1.89
Vermont 1.51 1.62 1.41 1.51
Virginia 1.89 2.13 1.89 2.13
Washington 1.62 1.75 1.62 1.75
West Virginia 1.41 1.51 1.24 1.33
Wisconsin 1.24 1.33 1.24 1.33
Wyoming 1.62 1.75 1.51 1.62

Source: Federal Reserve System

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