NJ Household Bills Are 32 Percent Higher Than National Average: Study
New Jersey also ranks as the 4th most expensive state in the country for household bills, according to the latest report from doxoINSIGHTS.
This article was originally posted by Patch.com
NEW JERSEY — Garden State residents pay about $8,000 more per year on household bills than the average American, a recent study found — making New Jersey the fourth-most expensive state for household expenses.
These essential bills include mortgage and rent payments, utility bills, insurance costs, car payments, phone bills, cable and internet subscriptions, and other monthly costs.
The recent report by payment network doxoINSIGHTS found that Americans pay about $25,513 on household bills per year, a 4 percent increase from last year’s average of $24,557.
That breaks down to about $2,162 a month for the average American household, while the average household in New Jersey pays $2,802 in monthly expenses — or $33,624 per year.
Doxo analysts also say that the percentage of household income “provides a more proportional look at bill spending in a particular location.”
Their report shows that the average American household pays 34 percent of its income on the most important bills, whereas New Jersey households pay a slightly smaller proportion, at 32 percent.
Still, New Jersey does have a median household income of almost $100,000, according to Census data — so that 32 percent is still quite a big chunk of change. Residents of the Garden State also pay higher amounts than the national average for nine out of the 10 household bill expenses that doxo studied. The only category where residents get a bit of a break is with auto insurance, where New Jerseyans pay 2 percent less than the national average — or $5 per month.
And, in news that may not surprise Garden State homeowners, the average monthly mortgage bill in the state ($2,460) is 75 percent more than the national average of $1,402, doxo found.
Explore more of doxoINSIGHTS’ data on household bills here.