Thursday, August 5, 2010

Moving to Nebraska

I was doing some research on the Internet last night and came across this bit of information about per capita debt for U.S. states.

Lowest per-capita debt
50. Nebraska: $15
49. Iowa: $73
48. Wyoming: $77
47. South Dakota: $135
46. Arkansas: $312

Highest per-capita debt
1. Connecticut: $4,859
2. Massachusetts: $4,606
3. Hawaii: $3,996
4. New Jersey: $3,669
5. New York: $3,135

Source: Moody's Investors Service. Data are for the fiscal year that ended June 30, 2009.

I was surprised to see see 4 of the top 5 states were all on the East Coast, I figured CA would have been in there. Based on the Bottom 5 list I got to only guess that cost of living really drives the overall per capita debt for individuals living in these states. I know that Long Island, New York area has on of the highest cost of living. So does this mean I need to live in the mid-west to be debt free? I'm sure there is a relationship in here, all assumptions but East Coast salaries are higher, cost of living is higher, you spend more and rack up more debt? Mid-west you make less salary, cost of living is cheaper, you spend lest and have less debt? Am I way off here?

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