(SitNews) - Last week doxoINSIGHTS' released the new 2022 State by State Bill Pay Market report, a look at the $4.6 trillion U.S. consumer bill pay market, with specific state level break outs of the 10 most common household bill payment categories.

The report, which reflects actual bill payment activity across more than 97% U.S. zip codes, reveals the most and least expensive states for Americans to live based on average spend per month on actual household bill payments. While the average U.S. household spends $24,032 annually on bills, 36% of the U.S. household median income ($67,521) and roughly $2,003 per month (up 6% year over year, in line with the increase in total consumer spending as reported by the U.S. Bureau of Economic Analysis for the same period), plenty of states rank well above or below this figure.

This unique view of relative expenses, and how much of household income is required to cover bills in each state, is especially relevant given recent strains on household budgets due to inflation. Consumers are indeed feeling the 6% year over year increase in the amount paid on household bills. A recent doxoINSIGHTS study found that 9 out of 10 Americans (89%) have seen a jump in their household bills over the past 12 months, with those in the utilities category rising the most. The study also found that 87% of Americans worry about their ability to pay their bills if inflation rates continue to rise.

The findings outlined in the 2022 State by State Bill Pay Market report include, for each state, the total monthly spent for bills each month, as well as a breakout of each of the ten most common household bills, including: Mortgage; Rent; Auto Loan; Utilities (electric, gas, water & sewer, and waste & recycling); Auto Insurance; Cable & Internet & Phone; Health Insurance (consumer paid portion); Mobile Phone; Alarm & Security; and Life Insurance.

The report shows that Hawaiians spend $2,911 each month on the ten most common household bills, 45.4% above the national average. At the other end of the spectrum, households in West Virginia spend an average of $1,452 across the top ten categories, 27.5% below the average nationwide.

According to the new report, Alaska is 8th most expensive state in the nation for household bills and Ketchikan is the #2 most expensive city in Alaska for household bills.

• On average, residents of Alaska spend $2,334 per month on the 10 most common household bills, 16.6% higher than the national average of $2,003
  
  
• Ketchikan pays $2,627 per month on the ten most common household bills. This is 12.6% higher than the state average of $2,334, and 31.2% higher than the national average of $2,003.
  
  
• Ketchikan is the #2 most expensive city in Alaska for household bills

Average Cost of the 10 Most Common Monthly Bills in Ketchikan

According to worldpopulationreview.com, to retire comfortably in Alaska's the average annual retirement income needed is $80,348. To live comfortably through an average of 16.70 years of retirement, $1.34 million in savings are required for future retirees.

Yahoo News reported in 2019, officials say more than 72,000 Alaska retirees collect Social Security. The state's average benefit for 2020 will be $1,462.96 per month, which works out to $17,555.52 over the course of the year. Alaska is another state where Social Security checks are below the U.S. average.

The 2021 poverty level guideline in Alaska for a one person household is $16,090.

Alaska is listed as one of 10 states with the highest retirement costs. If one were to base their retirement location entirely on the lowest cost of living, Mississippi, Oklahoma,  Arkansas,Missouri, and Michigan would be the best options.

According to the US Census Bureau, 12.5% of Alaska residents are 65 years+ and the median age of all people in Alaska is 34.6 years. 

On the Web:

doxoINSIGHTS has infographic information on average monthly payments for the 10 most common household bill categories, state-level rankings, most common time and method of payment, and more. You can also browse similar infographics for more than 4,000 cities across the U.S., and all 50 states

Alaska

Ketchikan

Edited By: Mary Kauffman, SitNews



Source of News:

doxoINSIGHTS
https://www.doxo.com/insights/

 

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