Cities With the Most Debt Per Capita

Municipal debt in the United States exceeds $1.9 trillion, spread unevenly across cities of all sizes. Some cities carry over $15,000 in debt per resident while others maintain near-zero balances. Here are the 25 cities with the highest debt burden per capita, based on Census Bureau Annual Survey of State and Local Government Finances data.

Top 25 Cities by Debt Per Capita

Rank	City	Debt/Capita	Fiscal Grade
1	Enid, OK	$20,444	C
2	Kissimmee, FL	$12,603	C
3	Hillsboro, OR	$8,726	D
4	Castle Rock, CO	$6,735	D
5	Pearland, TX	$5,926	B
6	Denver, CO	$5,126	C
7	Conroe, TX	$4,625	B
8	Evansville, IN	$4,624	B
9	Pflugerville, TX	$4,352	B
10	Joliet, IL	$4,260	D
11	Longmont, CO	$4,250	C
12	New Braunfels, TX	$4,177	B
13	Pasco, WA	$4,028	C
14	Aurora, CO	$4,017	B
15	Louisville/Jefferson County metro government (balance), KY	$3,553	D
16	Oklahoma City, OK	$3,520	B
17	Flint, MI	$3,516	F
18	Broken Arrow, OK	$3,370	B
19	Edina, MN	$3,183	D
20	Colorado Springs, CO	$3,063	C
21	Ann Arbor, MI	$2,923	D
22	Jonesboro, AR	$2,919	D
23	Medford, OR	$2,887	B
24	Birmingham, AL	$2,823	C
25	Jacksonville, FL	$2,821	C

What Drives High Municipal Debt

The cities at the top of this list share common characteristics:

Legacy infrastructure: Older cities have decades of accumulated bond debt for water systems, transit, bridges, and public buildings that need constant renewal.
Pension obligations: Many high-debt cities carry significant unfunded pension liabilities. While these do not always appear in "official" debt totals, they represent binding financial obligations.
Capital-intensive services: Cities that operate their own utilities, transit systems, or hospitals carry far more debt than those that do not.
Higher cost of operations: Expensive labor markets increase both operating costs and the debt needed to fund capital projects.

Debt vs. Fiscal Health

High debt alone does not mean fiscal distress. What matters is the city's ability to service that debt. A city with $15,000 per capita in debt but strong revenue growth and high reserves may be healthier than a city with $5,000 in debt but shrinking population and depleted reserves.

Our Fiscal Health Score incorporates debt as one of six dimensions. Cities like San Francisco carry high debt but also generate high revenue, resulting in moderate fiscal health scores. Cities like Chicago carry high debt with weaker revenue trends, resulting in lower scores.

For the tax side of the equation, see which cities levy the highest property taxes.

Frequently Asked Questions

Which U.S. city has the most debt per capita?

Enid, OK carries the highest total government debt per capita at $20,444 per resident, based on Census Bureau data.

Is city debt always bad?

Not necessarily. Municipal debt is often used to finance long-lived infrastructure — roads, water systems, schools — that benefits residents for decades. The concern is when debt levels become unsustainable relative to revenue, crowding out spending on current services. A debt-to-revenue ratio above 3x is generally considered elevated.

What types of debt do cities carry?

Cities carry several types of debt: general obligation bonds (backed by taxing power), revenue bonds (backed by specific revenue streams like water fees), pension obligations (future payments to retired employees), and short-term notes. Total outstanding debt includes all of these.

How does city debt affect residents?

High debt levels can lead to higher taxes, reduced services, lower credit ratings (which increase borrowing costs), and in extreme cases, fiscal emergencies or bankruptcy. Cities spending more than 15-20% of revenue on debt service may struggle to maintain service levels.

About This Data

Debt data is from the U.S. Census Bureau Annual Survey of State and Local Government Finances. Total debt includes general obligation bonds, revenue bonds, and other long-term obligations. Per-capita figures use Census population estimates. See our methodology.