According to this report, Utah ranked number four among states with the least debt:
Utah
- Credit card debt: $5,816
- Median household income: $54,744 (13th highest)
- Average credit score: 673 (5th highest)
- Cost of living: 5th lowest
Note:
Hold on! Utah is relatively wealthy? Can this be true? Like most people, we Utahns tend to focus on the negative. . .our lower-than-average wages, low per capita income, etc. However, 24//7 Wall St. is correct. Utah does have the 13th highest state median household income in the U.S. according to the American Community Survey. Utah's median family income ($54,744) measures notably higher than the U.S. median income ($50,046). We don't fare quite so well in the median family income rankings--22nd. But, Utah's median family income ($61,618) still measures above the national figure ($60,609).
Utah's unusual demographics are behind the seeming dichotomy between lower-than-average per capita incomes and wages. We have the highest share of population in the country under the age of 18 (with little or no income) which dilutes are per capita income figures. Location, cost-of-living, industrial mix, and lots of young workers also tend to skew our average wages to the low end.
What keeps Utah's family and household incomes higher than average? Utah families and households do tend to have more workers per household than households nationally. Plus, Utah's income distribution with fewer households at the high and low end of the income scale than the U.S. generally likely contributes to Utah's relatively good income standing.
