Here’s how much Edwardsville residents spend on monthly bills
This article originally appeared on The Intelligencer
By Shepard Price
Recently, doxo, a bill-pay service, released its 2022 U.S. Bill Pay Market Size & Category Breakout Report, which revealed that Americans spend $3.12 trillion annually across the 10 most common household bill categories.
That figure makes up almost 25% of all U.S. consumer spending, doxo stated. Statistical analysis of actual household payments were used to gauge the market for the report across more than 97% of U.S. zip codes
According to the U.S. Census Bureau, the real median household income in the U.S. is $67,521, and the report found that the average American household spends $24,032 per year on common bills. This suggests that more than a third of Americans’ yearly salary is put toward core expenses, doxo stated.
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While housing continues to be the highest U.S. household expense by a wide margin, the report reveals that the average household is paying more out-of-pocket per month for auto loans, auto insurance and even mobile phone bills than essential costs like health or life insurance, which are frequently covered by employers or automatically deducted from paychecks.
Per month, the average American household spends $1,368 on mortgages (with 40% of households paying this bill) or $1,129 on rent (35%), $433 on an auto loan (73%), $328 on utilities (78%), $196 on auto insurance (82%), $123 on health insurance (76%), $114 on cable and internet (82%) and $113 on a mobile phone bill (94%). Alarm & Security bills account for another $84 (15%) and life insurance $82 (27%).
According to the report, the average Illinois household spends $1,566 monthly on mortgages, No. 14 in the U.S., or $1,065 on rent (No. 17), with other monthly spending including $440 on auto loans (No. 18), $305 on utilities (No. 29), $200 on auto insurance (No. 16), $111 on cable and internet (No. 30), $112 on health insurance (No. 26), $107 on mobile phone bills (No. 36), $86 on life insurance (No. 17) and $87 on alarm and security bills (No. 13).
The average Edwardsville household spends $2,060 per month on the 10 most common bills, 2.9% higher than the national average, and the community ranked No. 98 out of 206 markets tracked in Illinois. That number accounts for 32% of household income, doxo stated. The highest average bill is for mortgages, $1,487 per month, with 52% of Edwardsville paying this monthly bill.
According to the report, the bill most Edwardsville residents pay is related to mobile phone service, with 93% of residents paying this bill with an average monthly cost of $98, $15 lower than the national average. Another 88% of Edwardsville residents pay a monthly cable and satellite bill, averaging $130, $16 higher than the national average ($114).
The report states that most Edwardsville residents pay bills through debit cards.
By incorporating tens of millions of payments, doxo stated, the 2022 U.S. Bill Pay Market Size & Category Breakout Report is a direct representation of what Americans actually pay on bills. The company’s customer base includes more than 6 million households and represents all U.S. income and regional demographic segments, doxo stated.
Doxo uses unique household bill pay data to quantify the actual customer portion of bill spend.