Study finds Oklahomans pay less on bills, 37% of household income
Original Source: The Journal Record
By Journal Record Staff
Bills paid annually by typical households in Oklahoma amount to $4,092 less than bills paid by average households across the rest of the country.
That’s according to an organization called DoxoInsights that analyzed U.S. census and other aggregated, anonymized data provided by its users on things like their average monthly utility bills and average car insurance rates.
DoxoInsights examined 45 different “biller categories” in all, but focused especially on utility costs, costs for cable and phone service, vehicle loan costs, costs for various kinds of insurance, typical mortgage payments made by homebuyers across the country and typical monthly lodging payments made by renters.
Analysts concluded, among other things, that typical households in Oklahoma pay $1,705 a month in bills, or $20,464 per year. That ranks the Sooner State at an enviable 47th among states nationwide. Across the country, households typically pay $2,046 per month, or $24,552 annually, covering their bills.
It’s important to note, however, that a better way to gauge how well Oklahoma households fare against others would be to look at percentages of household income that typically must be dedicated to covering bills. By that measure, Oklahoma, which has an average annual household income of $55,162, comes out closer to the middle of the pack – ranking 26th – among all states.
According to DoxoInsights, typical households in Oklahoma spend 37% of their income on bills. By contrast, the average U.S. household spends 35% of its income on bills.
Here are some specifics about typical bill costs in Oklahoma as noted by DoxoInsights:
• Household expenses in the state are 16.7% less than the U.S. average.
• Average monthly mortgage payments in Oklahoma amount to $1,066, as compared to a U.S. average of $1,321.
• Average monthly rent in the state is $879, as compared to a U.S. average of $1,191.
• Average monthly utilities in Oklahoma cost $348, as compared to the U.S. average of $351.
• Average monthly auto insurance paid by Oklahomans is $177, as compared to the national average of $207.
According to the data reviewed, residents of Louisiana must dedicate the highest percentage of their household income – 44% – to covering bills. However, Louisiana ranks 32nd in the country for household expenses overall, paying an average of $1,906 per month for bills. Following Louisiana, states where the highest percentage of income must be used to cover household bills include Hawaii, Florida and Mississippi at 43%, 42% and 41%, respectively.
Utah is more expensive than Louisiana for household bills, ranking 19th in the US and paying $2,097 per month on average. However, Utah is the state where residents spend the least amount of their income on household bills, with 33% of their average annual household income of $75,219 being used.
Likewise, people in Nebraska, where the average annual household income is $64,332, typically must dedicate only 33% of their household income to bills. Minnesotans, too, who earn an average annual household income of $75,868, must dedicate only 33% of that income to bills. Virginians, who earn an average annual household income of $81,856, pay 34% on average on bills; and Pennsylvanians, who earn an average $66,974 annually per household, also dedicate 34% to bills.