A new Forward Analytics report shows Wisconsin residents have the 11th-lowest debt-to-income ratio in the U.S., according to WisBusiness. The Badgers on a Budget report, issued last Wednesday, explores household finance trends in Wisconsin as compared to the rest of the country and hinges on the Federal Reserve’s debt-to-income ratio, which includes household income and most types of consumer debt but excludes student loans.
Wisconsin’s ratio was 1.202 in 2019 — the 12th-lowest in the U.S. By 2024, it dipped slightly to 1.198, near the average decline for the period, and achieved the third-lowest ratio in the Midwest that year.
In that same five-year period, the state’s per capita auto loan debt rose 14.3% from $4,000 to $4,570 — a smaller increase than the national average but higher than nearly all other bordering states. Wisconsin’s per capita auto loan debt in 2024 was seventh-lowest in the country.
Per capita credit card debt, meanwhile, increased statewide by 18.1% from $2,770 to $3,270 over the same period. Wisconsin households reduced their credit card balances relative to other states, however, moving from 11th-lowest to seventh-lowest.
Additionally, the state’s median mortgage payment was $1,245 at the end of 2024. That’s the 10th-lowest in the U.S. and third-lowest among bordering states.
