San Francisco, Nantucket, New York City, Ocean City, and Miami Beach are the cities with the most per capita debt.
Nationally, cities report $1.4 trillion in debt, equivalent to approximately $7,000 per capita, according to Reason Foundation’s State and Local Government Finance Report.
The cities of New York, Chicago, Los Angeles, the city and county of San Francisco*, and Houston report the most total liabilities.
The $1.4 trillion in debt carried by cities, towns, and other incorporated municipalities represents 23% of total state and local government debt found in the State and Local Government Finance Report, which can be explored interactively in Reason Foundation’s GovFinance Dashboard.
reason.org
by Mariana Trujillo
Managing Director
by Jordan Campbell
Managing Director
November 17, 2025