Housing · Debt in collections · 50 states + DC · ACS 2024 and Urban Institute 2024

Housing Costs and Debt Don't Always Move Together Across the U.S.

This page compares two measures for 51 jurisdictions: the 50 states and the District of Columbia. Housing cost is the home price-to-income ratio, median home value divided by median household income (US Census Bureau ACS 5-Year 2024 (2020–2024)). Debt in collections is the share of credit-active adults with at least one account in collections. A state's figure is the average of its counties (Urban Institute Debt in America (2024)).

The question: do states where housing costs the most relative to income also tend to have the most debt in collections?

These measures describe economic conditions. They do not predict how anyone will vote, and no election results or political data are used. A statistical relationship between two measures does not show that one causes the other, and state averages say nothing about individual households.

The comparison

What the data shows

−0.31Rank correlation (ρ)
51Jurisdictions (n)
−0.54 to −0.0695% interval

States with a higher home price-to-income ratio tend to have a lower share of adults with debt in collections. The relationship is modest: Spearman ρ = −0.31 across 51 jurisdictions. Spearman’s rank correlation (ρ) compares how states rank on each measure: +1 means the two rankings match exactly, −1 means they are exactly reversed, and 0 means no relationship.

A 95% bootstrap interval (2,000 resamples, fixed seed) runs from −0.54 to −0.06. The interval does not include zero.

It is a tendency, not a rule. No state is among the 10 highest on both measures. Arizona and Florida are among the 15 highest on both measures.

Home price-to-income ratio and debt in collections, by state Scatter plot with one dot per state or DC (51 in total). Horizontal axis: home price-to-income ratio. Vertical axis: share of adults with debt in collections. Spearman rank correlation −0.31. No trend line is drawn. The same values are listed in the table below. 2×3×4×5×6×7×8×9×10%15%20%25%30%35%40% Alabama: price-to-income 3.3×, debt in collections 32.2%Alaska: price-to-income 3.8×, debt in collections 16.0%Arizona: price-to-income 4.9×, debt in collections 25.6%Arkansas: price-to-income 3.1×, debt in collections 31.9%California: price-to-income 7.4×, debt in collections 18.2%Colorado: price-to-income 5.6×, debt in collections 14.7%Connecticut: price-to-income 3.8×, debt in collections 18.2%Delaware: price-to-income 4.1×, debt in collections 24.3%District of Columbia: price-to-income 6.7×, debt in collections 20.5%Florida: price-to-income 4.8×, debt in collections 26.8%Georgia: price-to-income 3.9×, debt in collections 33.5%Hawaii: price-to-income 8.4×, debt in collections 14.4%Idaho: price-to-income 5.4×, debt in collections 14.8%Illinois: price-to-income 3.2×, debt in collections 21.1%Indiana: price-to-income 3.0×, debt in collections 21.6%Iowa: price-to-income 2.8×, debt in collections 16.3%Kansas: price-to-income 2.9×, debt in collections 18.6%Kentucky: price-to-income 3.2×, debt in collections 27.7%Louisiana: price-to-income 3.6×, debt in collections 33.4%Maine: price-to-income 4.0×, debt in collections 19.7%Maryland: price-to-income 4.1×, debt in collections 20.7%Massachusetts: price-to-income 5.4×, debt in collections 14.5%Michigan: price-to-income 3.2×, debt in collections 19.0%Minnesota: price-to-income 3.7×, debt in collections 12.2%Mississippi: price-to-income 3.0×, debt in collections 31.7%Missouri: price-to-income 3.3×, debt in collections 24.3%Montana: price-to-income 5.2×, debt in collections 16.7%Nebraska: price-to-income 3.1×, debt in collections 13.6%Nevada: price-to-income 5.6×, debt in collections 24.7%New Hampshire: price-to-income 4.1×, debt in collections 15.2%New Jersey: price-to-income 4.4×, debt in collections 17.0%New Mexico: price-to-income 3.9×, debt in collections 26.9%New York: price-to-income 4.9×, debt in collections 18.8%North Carolina: price-to-income 4.0×, debt in collections 28.2%North Dakota: price-to-income 3.3×, debt in collections 12.7%Ohio: price-to-income 3.0×, debt in collections 23.3%Oklahoma: price-to-income 3.1×, debt in collections 30.8%Oregon: price-to-income 5.8×, debt in collections 16.3%Pennsylvania: price-to-income 3.3×, debt in collections 19.0%Rhode Island: price-to-income 4.6×, debt in collections 14.5%South Carolina: price-to-income 3.7×, debt in collections 36.3%South Dakota: price-to-income 3.4×, debt in collections 14.3%Tennessee: price-to-income 4.1×, debt in collections 27.1%Texas: price-to-income 3.6×, debt in collections 33.8%Utah: price-to-income 5.1×, debt in collections 13.7%Vermont: price-to-income 3.9×, debt in collections 14.5%Virginia: price-to-income 4.1×, debt in collections 23.6%Washington: price-to-income 5.8×, debt in collections 14.5%West Virginia: price-to-income 2.7×, debt in collections 28.3%Wisconsin: price-to-income 3.4×, debt in collections 15.4%Wyoming: price-to-income 4.1×, debt in collections 18.2%ArkansasHawaiiMississippiUtahWashingtonWest Virginia Home price-to-income ratio (median home value ÷ median household income) Adults with debt in collections (%)
Home price-to-income ratio and debt in collections, by state Scatter plot with one dot per state or DC (51 in total). Horizontal axis: home price-to-income ratio. Vertical axis: share of adults with debt in collections. Spearman rank correlation −0.31. No trend line is drawn. The same values are listed in the table below. 2×4×6×8×10×10%15%20%25%30%35%40% Alabama: price-to-income 3.3×, debt in collections 32.2%Alaska: price-to-income 3.8×, debt in collections 16.0%Arizona: price-to-income 4.9×, debt in collections 25.6%Arkansas: price-to-income 3.1×, debt in collections 31.9%California: price-to-income 7.4×, debt in collections 18.2%Colorado: price-to-income 5.6×, debt in collections 14.7%Connecticut: price-to-income 3.8×, debt in collections 18.2%Delaware: price-to-income 4.1×, debt in collections 24.3%District of Columbia: price-to-income 6.7×, debt in collections 20.5%Florida: price-to-income 4.8×, debt in collections 26.8%Georgia: price-to-income 3.9×, debt in collections 33.5%Hawaii: price-to-income 8.4×, debt in collections 14.4%Idaho: price-to-income 5.4×, debt in collections 14.8%Illinois: price-to-income 3.2×, debt in collections 21.1%Indiana: price-to-income 3.0×, debt in collections 21.6%Iowa: price-to-income 2.8×, debt in collections 16.3%Kansas: price-to-income 2.9×, debt in collections 18.6%Kentucky: price-to-income 3.2×, debt in collections 27.7%Louisiana: price-to-income 3.6×, debt in collections 33.4%Maine: price-to-income 4.0×, debt in collections 19.7%Maryland: price-to-income 4.1×, debt in collections 20.7%Massachusetts: price-to-income 5.4×, debt in collections 14.5%Michigan: price-to-income 3.2×, debt in collections 19.0%Minnesota: price-to-income 3.7×, debt in collections 12.2%Mississippi: price-to-income 3.0×, debt in collections 31.7%Missouri: price-to-income 3.3×, debt in collections 24.3%Montana: price-to-income 5.2×, debt in collections 16.7%Nebraska: price-to-income 3.1×, debt in collections 13.6%Nevada: price-to-income 5.6×, debt in collections 24.7%New Hampshire: price-to-income 4.1×, debt in collections 15.2%New Jersey: price-to-income 4.4×, debt in collections 17.0%New Mexico: price-to-income 3.9×, debt in collections 26.9%New York: price-to-income 4.9×, debt in collections 18.8%North Carolina: price-to-income 4.0×, debt in collections 28.2%North Dakota: price-to-income 3.3×, debt in collections 12.7%Ohio: price-to-income 3.0×, debt in collections 23.3%Oklahoma: price-to-income 3.1×, debt in collections 30.8%Oregon: price-to-income 5.8×, debt in collections 16.3%Pennsylvania: price-to-income 3.3×, debt in collections 19.0%Rhode Island: price-to-income 4.6×, debt in collections 14.5%South Carolina: price-to-income 3.7×, debt in collections 36.3%South Dakota: price-to-income 3.4×, debt in collections 14.3%Tennessee: price-to-income 4.1×, debt in collections 27.1%Texas: price-to-income 3.6×, debt in collections 33.8%Utah: price-to-income 5.1×, debt in collections 13.7%Vermont: price-to-income 3.9×, debt in collections 14.5%Virginia: price-to-income 4.1×, debt in collections 23.6%Washington: price-to-income 5.8×, debt in collections 14.5%West Virginia: price-to-income 2.7×, debt in collections 28.3%Wisconsin: price-to-income 3.4×, debt in collections 15.4%Wyoming: price-to-income 4.1×, debt in collections 18.2%ArkansasHawaiiMississippiUtahWashingtonWest Virginia Home price-to-income ratio (home value ÷ income) Adults with debt in collections (%)
Each dot is one state or DC. No trend line is drawn. Labelled states are the largest rank differences listed below. The full values are in the table further down.

Other housing measures

The same comparison with other measures

Housing measure vs debt in collectionsρ95% intervalnReading
Median home value−0.48−0.68 to −0.2551Same direction as the main result.
Renter cost burden (share of renters paying 30%+ of income on housing)+0.02−0.27 to +0.3051No detectable relationship: the interval includes zero.

The pattern appears for the cost of buying a home (price-to-income and median home value) but not for the share of renters who are cost-burdened. The renter result is shown in full alongside the others.

State examples

Where states sit off the pattern

These examples are chosen by rule, the largest differences between a state's rank on price-to-income and its rank on debt in collections, not by hand. Rank 1 is the highest value on a measure.

Ranks higher on housing cost than on debt

Ranks higher on debt than on housing cost

States in the highest tier on both measures (top 17 of 51, ties included): Arizona, Delaware, Florida, Nevada and Tennessee.

States in the lowest tier on both measures (bottom 17 of 51, ties included): Iowa, Nebraska, North Dakota, South Dakota and Wisconsin.

Census regions

The two measures peak in different regions

Among the four Census regions, the West has the highest average price-to-income ratio (5.5×). The South has the highest average share of adults with debt in collections (28.9%).

RegionStatesAvg price-to-incomeAvg debt in collections
Midwest123.2×17.7%
Northeast94.3×16.8%
South173.8×28.9%
West135.5×18.1%

Simple averages of state values, not population-weighted. Averages hide large differences between states in the same region.

All 51 jurisdictions

Every state, both measures

StatePrice-to-incomeRank Debt in collectionsRankRank gap
Hawaii debt page 8.4× 1 14.4% 46 +45
California debt page 7.4× 2 18.2% 30 +28
District of Columbia debt page 6.7× 3 20.5% 24 +21
Oregon debt page 5.8× 4 16.3% 35 +31
Washington debt page 5.8× 4 14.5% 42 +38
Colorado debt page 5.6× 6 14.7% 41 +35
Nevada debt page 5.6× 6 24.7% 16 +10
Idaho debt page 5.4× 8 14.8% 40 +32
Massachusetts debt page 5.4× 8 14.5% 42 +34
Montana debt page 5.2× 10 16.7% 34 +24
Utah debt page 5.1× 11 13.7% 48 +37
Arizona debt page 4.9× 12 25.6% 15 +3
New York debt page 4.9× 12 18.8% 28 +16
Florida debt page 4.8× 14 26.8% 14 0
Rhode Island debt page 4.6× 15 14.5% 42 +27
New Jersey debt page 4.4× 16 17.0% 33 +17
Delaware debt page 4.1× 17 24.3% 17 0
Maryland debt page 4.1× 17 20.7% 23 +6
New Hampshire debt page 4.1× 17 15.2% 39 +22
Tennessee debt page 4.1× 17 27.1% 12 −5
Virginia debt page 4.1× 17 23.6% 19 +2
Wyoming debt page 4.1× 17 18.2% 30 +13
Maine debt page 4.0× 23 19.7% 25 +2
North Carolina debt page 4.0× 23 28.2% 10 −13
Georgia debt page 3.9× 25 33.5% 3 −22
New Mexico debt page 3.9× 25 26.9% 13 −12
Vermont debt page 3.9× 25 14.5% 42 +17
Alaska debt page 3.8× 28 16.0% 37 +9
Connecticut debt page 3.8× 28 18.2% 30 +2
Minnesota debt page 3.7× 30 12.2% 51 +21
South Carolina debt page 3.7× 30 36.3% 1 −29
Louisiana debt page 3.6× 32 33.4% 4 −28
Texas debt page 3.6× 32 33.8% 2 −30
South Dakota debt page 3.4× 34 14.3% 47 +13
Wisconsin debt page 3.4× 34 15.4% 38 +4
Alabama debt page 3.3× 36 32.2% 5 −31
Missouri debt page 3.3× 36 24.3% 17 −19
North Dakota debt page 3.3× 36 12.7% 50 +14
Pennsylvania debt page 3.3× 36 19.0% 26 −10
Illinois debt page 3.2× 40 21.1% 22 −18
Kentucky debt page 3.2× 40 27.7% 11 −29
Michigan debt page 3.2× 40 19.0% 26 −14
Arkansas debt page 3.1× 43 31.9% 6 −37
Nebraska debt page 3.1× 43 13.6% 49 +6
Oklahoma debt page 3.1× 43 30.8% 8 −35
Indiana debt page 3.0× 46 21.6% 21 −25
Mississippi debt page 3.0× 46 31.7% 7 −39
Ohio debt page 3.0× 46 23.3% 20 −26
Kansas debt page 2.9× 49 18.6% 29 −20
Iowa debt page 2.8× 50 16.3% 35 −15
West Virginia debt page 2.7× 51 28.3% 9 −42

Sorted by price-to-income rank. Rank gap is the debt rank minus the price-to-income rank: a positive number means the state ranks higher on housing cost than on debt. Rank 1 is the highest value; tied values share the better rank.

Explore on the map

See each measure on the map

The map shows both measures at state and county level. Debt in collections is available by county.

Home price-to-income on the map Debt in collections on the map

Methodology

How this was calculated

Related rankings

Least affordable statesMost affordable statesStates with the highest debt in collectionsHighest renter cost burdenHousing affordability by stateDebt in collections by county