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How does Michigan's debt load compare to other states?

How does Michigan's debt load compare to other states?

For calendar year 2023, the most recent year for which comparative data is available, Michigan's outstanding debt per capita was $1,020. This was well below the national average of $1,807 and ranked Michigan 21st best among states. Below is additional information showing how Michigan's debt compared to other states as of calendar year 2023. 
 


Net Tax-Supported Debt as a Percentage of Personal Income
 Net Tax-Supported Debt Per Capita
Lowest rate (NE): 0.1% Lowest debt (NE): $44
Highest rate (HI): 10.4%

Highest debt (CT):

 $7,874
Average: 2.6% Average: $1,807
Michigan: 1.7% Michigan: $1,020
Rank: 23rd best Rank: 21st best
Source: Moddy's Investors Service, October 7, 2024. Note that debt issued by the State's component units is not included in these calculations.