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The typical American household spends just over $24,000 on bills a year, according to a report released Monday by online bill payment service Doxo.
Doxo said the “50 Largest US Cities Household Spend Report 2022” shows that the average US household spends $24,032 per year on 10 bills, including mortgages; rent; car loans; Tools; car insurance; health insurance; cable and internet; mobile phone; alarm and security; and life insurance. That figure is up about 6% from the previous year, representing about one-third of the median U.S. household income in 2021 of $70,784.
“Consumers are indeed feeling the pressure as they deal with the effects of months-long inflation affecting nearly every category of household spending,” Jim Kreyenhagen, Doxo’s vice president of marketing and consumer services, said in a statement. (iStock/iStock)
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“Consumers are indeed feeling the pressure as they deal with the effects of months-long inflation affecting nearly every category of household spending,” Jim Kreyenhagen, Doxo’s vice president of marketing and consumer services, said in a statement.
As measured by the consumer price index, inflation rose 8.3% in August from the previous year and 0.1% from July, according to Labor Department data released in mid-September.
Lodging costs were up 0.7% from July and 6.2% year-over-year, with rental costs up 6.7% year-on-year and homeowners’ rental equivalent up 6.3 over the same period % increased. While some energy prices fell in August, the price of electricity is up 15.8% from a year ago and 1.1% from July, according to the latest CPI data.
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The personal consumption expenditure index, the Federal Reserve’s favorite inflation gauge, also rose, rising 6.2% in August from a year ago and 0.3% from July, the Commerce Department said. last week.
While some energy prices fell in August, the price of electricity is up 15.8% from a year ago and 1.1% from July, according to the latest CPI data. (iStock)
Doxo’s report also ranked the 50 largest cities, based on the number of households, in terms of which residents spend the most on their bills each month. The bill payment service noted that it included rent and mortgages in the 10 account categories, so the “total number will generally exceed that of a household paying only one of those types of bills, or a homeowner’s household.”
The city with the highest monthly billing costs per household of the 50 was San Jose, Cailfornia, at $3,248, according to Doxo. Behind them were New York ($3,059), Boston ($2,963), San Francisco ($2,946) and San Diego ($2,946).
According to the Commerce Department, the personal consumption expenditure index, the Federal Reserve’s preferred inflation gauge, rose 6.2% in August from a year ago and 0.3% from July. (iStock)
Detroit had the lowest monthly billing cost of the 50 largest cities at $1,634, Doxo said. Cleveland, Ohio, is in second place with $1,655 and El Paso, Texas, is in third place with $1,675. Albuquerque, New Mexico ($1,687) and Memphis, Tennessee ($1,689) round out the five least expensive of the US’s 50 largest cities, according to Doxo.
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Doxo said it obtained all category-specific data, except rent and mortgages, from payment activity on its platform. The data for those two categories came from the Census Bureau, according to Doxo.
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