Sociology’s growing focus on household debt and wealth has overlooked a potentially salient axis of inequality: rural–urban disparities in the United States. Key facets of rural life indicate a disadvantage (e.g., higher poverty rates, lack of mainstream financial institutions) and a simultaneous advantage (e.g., predominantly White populations, lower cost of living). To address evidence gaps on rural–urban disparities in debt and wealth, we use Consumer Expenditure Survey data to (1) estimate rural–urban disparities in multiple kinds of household debt and wealth, (2) examine what may be driving these disparities, and (3) assess whether these disparities also vary by race. Our findings show that place is an important axis of US financial inequality. Compared to urban households, rural households consistently have less credit card, student loan, and mortgage principal debt, but they also have less retirement and liquid savings, and their homes are worth less. These differences largely persist above controls, suggesting that rurality shapes financial outcomes in ways not fully explained by income dynamics and population composition. Racial variations in debt and wealth are also pronounced within rural areas, mirroring national patterns. We offer careful interpretations of our findings in order to gauge the financial and material wellbeing of rural households, which is needed in a time of growing rural–urban economic and social divides.