Report ranks Phillipsburg No. 6 most affordable area to pay bills in N.J.
This article was originally published by Lehigh Valley Live
A report by an independent bill pay company gives new insights to the cost of living in Phillipsburg and Warren County.
According to the report by doxo, Phillipsburg ranks No. 6 on a list of the 10 most affordable towns in New Jersey. Household bills in Phillipsburg are the 219th most expensive out of 224 municipalities ranked in the state.
doxo calculates the cost of living for communities in the United States by factoring in the ten most essential household bills – utilities (water, electric, gas and waste), cable and phone, mobile phone, auto loans, auto insurance, life insurance, health insurance, alarm and security, rent and mortgage. the company’s website states.
The average New Jersey household pays $2,802 per month for the 10 most common household bills. Monthly mortgage bills are the most expensive of the 10 most common bills.
The average monthly mortgage payment in New Jersey is $2,460, compared to the national average of $1,402, according to doxo.
The average cost of household bills in Phillipsburg is $1,999, roughly 6% lower than the national average. Household bills account for 33% of annual household income for Phillipsburg households who make $73,000 annually. The median household income in Phillipsburg is $34,000.
doxo’s Cost of Bills Index was created to show how much it costs to live in one area compared to another, with a focus on household bills.
doxo’s index estimates the cost of living is 12% higher than the national average in Warren County, on the other hand, requiring, at least, 30% of households’ annual income (where average incomes were roughly $94,000 per year).
The average household in Warren County, New Jersey pays $2,377 per month, or $28,521 per year on bills. The report states. Warren County was found to be the 18th most expensive county out of 21 counties in New Jersey.
The United States Census Bureau (2022) estimates the average household income in Phillipsburg is $64,000; and $92,000 across Warren County.
In 2022, Phillipsburg had approximately 15,000 residents, 6,180 households and 6,780 housing units. Roughly 1,380 renter-occupied housing units in multi-family buildings possessed three or more units and 1,490 renter households were cost-burdened, according to the 2018-2022 U.S. Census American Community Survey.
doxo’s INSIGHT report also evaluated the cost of bills for Hackettstown and Washington.
Household bills were estimated to be 18% higher than the national average in Hackettstown; and 16% higher than the national average in Washington, according to the report. The municipalities ranked 180th and 187th (out of 224) most expensive in the state. Household bills averaged between $2,400 and $2,500 per month.
Princeton ranked No. 1 on doxo’s list of most expensive towns and cities in New Jersey. Monthly bills in Princeton makeup 34% of the average annual household income of $160,673.
Manchester Township has the most affordable household bills, 22% below the national average, with residents paying $1,667 on average for household bills. However, bills account for at least 40% of residents’ annual $49,455 household income, doxo reports.
Morris County, Bergen County and Somerset County ranked first, second and third, respectively, on the list of most expensive counties for household bills, the report states.