Typical U.S. household shells out over 24K each year in bills
This article was originally published by PropertyCasualty360
The average U.S. consumer spends nearly $25,000 per year on household bills, according to a recent report by doxo.
A typical household spends $24,695 per year or $2,058 per month, the data showed, with the median annual income for U.S. households at $80,610.
“As economic uncertainty continues to loom, American sentiment towards their own financial health remains cautious,” said Liz Powell, Senior Director of INSIGHTS at doxo. “Only 23% of Americans believe the current economy is faring well, a 12-year low. In this challenging context, it’s never been more important to understand the essential financial obligations of the American household.”
“As economic uncertainty continues to loom, American sentiment towards their own financial health remains cautious,” said Liz Powell, Senior Director of INSIGHTS at doxo. “Only 23% of Americans believe the current economy is faring well, a 12-year low. In this challenging context, it’s never been more important to understand the essential financial obligations of the American household.”
According to Doxo, the 13 most essential household bills are:
- Mortgage ($1,775), Rent ($1,453) and Auto loan ($470).
- Cable & Internet ($121), Electric ($120) Auto Insurance ($105) and Mobile Phone ($96).
- Water & Sewer ($86), Alarm & Security ($74) and Health Insurance ($72).
- Gas ($71), Waste & Recycling ($70), and Life Insurance ($60).
Actual bill pay category ranked by state:
- Mortgage payments are highest in California, New Jersey, Hawaii, Massachusetts, and New York, respectively. Hawaii, California, Massachusetts, New York, and Washington top the list for Rent costs. West Virginia has the distinction of being the most affordable state for mortgage ($1,1019/month), with West Virginia also as the most affordable state for rent ($870/month).
- Auto Loan payments are highest in Nevada ($559/month) and Hawaii ($520/month). Vermont ($395/month) and West Virginia ($165/month) residents enjoy some of the lowest.
- Auto Insurance bills are the highest in Massachusetts ($167/month) and Delaware ($156/month), while West Virginia ($71/month) and Kansas ($46/month) pay the lowest monthly median.
- Gas expenses are highest in Alaska ($136/month) and Massachusetts ($117/month), while both Arizona ($50/month) and Louisiana ($38/month) are the most affordable.
- Electric expenses are highest in Hawaii ($197/month) and Rhode Island ($184/month), while residents in New Mexico ($89) and South Dakota ($79/month) pay the least.
- Waste & Recycling are highest in both Massachusetts and Maryland ($127/month) and least expensive in Hawaii ($34/month) and Oklahoma ($25/month).
- Water & Sewer are highest in Maryland ($189/month) and Washington ($162/month). Water & sewer is cheapest in Tennessee and Alabama (both $55/month).
- Cable & Internet bills make the biggest dents in the pockets of residents in Delaware ($157/month) and Rhode Island ($150/month), and the smallest dents in the residents of Arkansas ($99/month) and Florida ($96/month).
- Mobile Phone bills are most expensive in Nebraska ($136/month), and are lowest in Illinois ($71/month).
- Health Insurance expenses, when considering consumer out-of-pocket spending only (excluding employer payments), are highest in Alaska ($235/month) and Rhode Island ($170/month) and lowest in Florida ($50/month) and Georgia ($30/month).
- Life Insurance spend is highest in Minnesota ($83/month) and Washington ($80/month) and is cheapest Virginia ($49/month) and Nevada ($47/month).
- Alarm & Security bills are most expensive in West Virginia ($110/month) and California ($100/month) and residents in Idaho ($74/month) and Alabama ($54/month) pay the least for protection.