doxoINSIGHTS Reveals U.S. Households Pay Average of $914 for the Nine Most Common Recurring Monthly Bills

doxo’s Unique, Crowd-sourced Bill Payment Data Gives Timely Insight for Comparing Bills in the Largest 25 U.S. Metros; Miami Most Expensive, Salt Lake City Most Affordable

doxo, the innovative web and mobile bill pay service, released its newest statistical report: America’s Household Bills, Unbundled. Updated for 2020, the report is comprised of an interactive infographic with regional details along with an accompanying report with the key insights & analysis summary. Together these components reveal what Americans pay for their nine most common monthly bills and key expense trends for the top 25 U.S. metros. The average American household spends $914 per month, or 17% of their household income[1], on the nine most common bills (excluding housing expenses like rent or mortgage), according to the doxoINSIGHTS report. doxoINSIGHTS analyzes anonymized, aggregated payment statistics – from over four million consumers, representing every U.S. county, to more than 60,000 billers across 45 different service categories – to reveal the actual, unfiltered average cost consumers pay for key household bills. Across the 25 metro areas analyzed, the average bill bundle rose from $859 in last year’s report to $914 in doxoINSIGHTS’ 2020 report, an increase of 6%.

Read More: GlobalFintechSeries Interview with Ashish Singhal, CEO and Co-Founder at CRUXPay

“Following the doxoINSIGHTS COVID-19 report and at a time when trimming extra expenditures is more important than ever for most Americans, doxo offers Americans insight into how affordable their bills are compared to other regions, including the nuance of how high or low specific categories are relative to other cities”

While the national average on monthly expenses is $914 per household, the report found that the Miami metro ranks highest for monthly bill expenditures for the second year running, coming in at $1,008. Miami’s average, which is 23% of Miami area median household income of $52,667, has risen just over $50 from the year prior average of $950, largely accounted for by a $29 jump in the utilities category. After Miami, the San Francisco Bay Area, Los Angeles, Houston, and Seattle round out the top five in terms of average bill bundle size.

Read More: Fintech Europe Selects Ten Startups for its Fifth Batch

Salt Lake City comes in as the most affordable metro in the top 25, with an average of $823 spent per month on household bills, in contrast with the Charlotte, NC area which claimed the spot last year. Utilities went up by 8 percent, or $19 in Charlotte, bumping it up to the 23rd spot on the list.

25 Largest Metro Areas[2] (Most to least expensive for the nine most common household bills)

1. $1,008 Miami
2. $982 San Francisco
3. $977 Los Angeles
4. $956 Houston
5. $953 Seattle
6. $952 Pittsburgh
7. $940 Detroit
8. $938 Minneapolis
9. $928 Denver
10. $918 Boston
11. $917 Kansas City
12. $917 New York
13. $913 Columbus
14. $912 Philadelphia
15. $907 Washington D.C.
16. $906 Cleveland
17. $896 St. Louis
18. $884 Dallas
19. $884 Atlanta
20. $882 Chicago
21. $875 Portland
22. $870 Orlando
23. $862 Charlotte
24. $858 Sacramento
25. $823 Salt Lake City

“Following the doxoINSIGHTS COVID-19 report and at a time when trimming extra expenditures is more important than ever for most Americans, doxo offers Americans insight into how affordable their bills are compared to other regions, including the nuance of how high or low specific categories are relative to other cities,” said Steve Shivers, CEO of doxo. “When financial data becomes transparent, consumers win. This data empowers households, providing insight into a huge part of the typical household budget, enabling better comparison of personal expenses, and allowing more informed financial decisions.”

Read More: Simple Announces Launch of Tax Refund Feature to Automate Savings for Customers

Leave a Reply

Your email address will not be published. Required fields are marked *