While Hawaii and California are the most expensive, doxo also found that West Virginia and Mississippi are the least costliest US states.
All-in-one bill payment service doxo has released a report ranking the most and least expensive states in the US. The report includes details of average household bills in individual US states.
According to doxo in its United States of Bill Pay: State by State Bill Pay Market Report for 2023, the average US household spends $24,557 on annual bills and $2,046 monthly. The report also lists the ten most common bills for the average household in the US. These expenses include mortgage, auto loans, rent, health insurance, and life insurance. Others are mobile phone bills, alarm and security. The last two on the list are cable, internet and phone bills, as well as utilities, such as waste, electricity, gas, sewage, water, and recycling.
The doxo report concludes that Hawaii is the most expensive US state, with the average household spending $3,070 monthly. Hawaii’s monthly average household bill is 50% above the $2,046 national average. According to doxo, the state’s average monthly rent is $1,856, while the average mortgage is $2,247.
The report places California as the second most expensive of US states, with the average household bill at $2,838 each month, 38.7% over the national average. The average California resident spends $1,762 on monthly rent and $2,402 on mortgage. In San Ramon, the most expensive city in California, the average monthly bill is $4,390. Others among the 10 most expensive states for household bills are New Jersey, Massachusetts, Maryland, and Connecticut. Of these 10, Alaska is the cheapest, with $2,335 per household, more than 14% above the national average.
According to doxo, the consumer bill pay market in the US is $3.87 trillion.
The Least Expensive States in the US
The doxo report also lists the least expensive states in the US. Atop the list is Alabama at $1,772 per month, which is 40% of household income and 13.4% less than the national average. Other states on the list are Missouri, New Mexico, South Dakota, Indiana, Kentucky, and Oklahoma. However, doxo reports that the least expensive of US states based on monthly household bills is West Virginia with $1,530, which is 38% of household income, and 25.2% less than the country’s national average.
In the report, doxo says a unique view of expenses, especially with inflation in the US, is necessary. Quoting another report, doxo says most Americans are already feeling the brunt of inflation, or are worried about the near future:
“A recent doxoINSIGHTS report found that three in four consumers (73%) say that inflation is impacting their ability to pay bills. 86% of consumers said they are worried about the impact that inflation will have on their financial health in the future, with 72% saying it would take six months or more until their household’s financial health improves.”
Following West Virginia is Mississippi, the second least expensive, with $1,616 in average household expenses. This is 41% of household income, and 21.1% less than the national average.
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Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
Source: https://www.coinspeaker.com/hawaii-expensive-us-states/