Report ranks 50 largest U.S. cities by household bills. Where does San Diego rank?
This article was originally published on Yahoo Finance
SAN DIEGO (FOX 5/KUSI) — A recent report looked at the largest 50 U.S. cities and ranked them based on the costs of household bills. Four California cities landed in the top 10 for highest household spending, including San Diego.
The report, released by bill payment company Doxo, focused on the ten most common household bills: mortgage, rent, auto loan, utilities, auto insurance, cable/internet/phone, health insurance, mobile phone, alarm and security, and life insurance.
According to the company, the total cost for the ten most common household bills across the U.S. amount to $3.35 trillion, with people spending the most on mortgage costs.
However, the total market size for U.S. household bills is $4.46 trillion per year, with $1,488 billion spent in the “other” category that includes credit card payments, taxes and fees for health care and tolls.
Data showed San Jose, Calif. topped the list for most expensive household spending at $3,695 per month.
Meanwhile, San Diego landed in the No. 5 spot with an average of $3,325 spent on household bills per month. That’s compared to the national average spending of $2,126 per month.
According to Doxo, San Diegans spend nearly 40% of their household income on monthly bills. Housing affordability continues to be an issue in the city, with more than half of households paying rent compared to 34% who have a monthly mortgage. The category belonging to the highest percentage of households (91%) in San Diego was mobile phone payments.
Click here to find the full doxoINSIGHTS report for 2024.
Other California cities in the top 10 included San Francisco at No. 4 and Los Angeles at No. 6.
Detroit, Mich. landed in the spot for the least expensive monthly household spending, data showed.