Report shows northeast Indiana spends less on bills than national average – KPCnews.com

Report shows northeast Indiana spends less on bills than national average - KPCnews.com

The average northeast Indiana resident spends significantly less on common household bills than the national average, according to the recently released doxoINSIGHTS report for 2022.

Doxo, an all-in-one bill-pay app, found that the average household in America spends $2,003 per month on the 10 most common household bills. It also breaks out the household spending market size for each bill category, the average amount paid per household per month, the percentage of households that pay each bill, and average bill pay costs by state.

The 2022 U.S. Bill Pay Market Size & Category Breakout Report showed that Americans spend $3.12 trillion annually across the 10 most common household bill categories.

“This figure makes up nearly one quarter of all U.S. consumer spending. In this report, statistical analysis of actual household payments was used to size the market across more than 97% of U.S. zip codes,” Doxo stated.

The data, which DoxoINSIGHTS has for more than 4,000 towns and cities, breaks down bill payments into categories of: mortgage, rent, auto loan, auto insurance, utilities, health insurance, life insurance, cable and satellite, mobile phone, and alarm and security.

Doxo found that the average household in America pays:

• $1,368 on mortgage;

• $1,129 in rent;

• $433 for auto loans;

• $196 for auto insurance;

• $328 in utilities;

• $123 for health insurance;

• $82 for life insurance;

• $114 for cable and satellite;

• $113 for mobile phones; and

• $84 for alarm and security features.

By comparison, the report found at a high level, the average person in Kendallville pays $1,404 a month, which is 29% lower than the national average.

See also  Fed's Bullard Backs Supersized Hike, Seeks Full Point by July 1

The report found the average Kendallville resident pays:

• $688 for mortgage;

• $667 in rent;

• $399 in auto loans;

• $131 for auto insurance;

• $296 in utilities;

• $75 for health insurance;

• $55 for life insurance;

• $112 for cable and satellite;

• $102 for mobile phones; and

• $85 for alarms and security features.

The bill payments make up 34% of the average Kendallville household income, according to the report.

Households in surrounding towns and cities pay similar amounts in their bills, the report shows.

Angola’s average is $1,533 per month, which is 23.5% lower than the national average. The bill payments account for 33% of the average Angola household income.

Specifically, the report found Angola households pay:

• $958 on mortgage;

• $773 for rent;

• $399 for auto loans;

• $173 for auto insurance;

• $270 for utilities;

• $75 for health insurance;

• $106 for life insurance;

• $100 for mobile phones; and

• $85 for alarms and security features.

Locally, Auburn residents pay the most, with monthly bills at $1,552, although that still is 22.5% lower than the national average, the report showed.

According to the report, Auburn households pay:

• $886 on mortgage;

• $710 for rent;

• $469 for auto loans;

• $98 for auto insurance;

• $221 for utilities;

• $75 for health insurance;

• $71 for life insurance;

• $143 for cable and satellite;

• $143 for mobile phones; and

• $85 for alarm and security features.

See also  The SEC Is 'Scaring People Off': Hester Peirce

Other average monthly bills for neighboring communities include: $1,391 in Fort Wayne; $1,490 in Columbia City; $1,366 in New Haven; $1,352 in Huntington and $1,546 in Warsaw.

The report said the average monthly bills for Indiana total $1,607 a month — 19.8% lower than the national average.

Of the 96 Indiana cities and towns included in the report, Zionsville pays the most in bills at $2,600 a month and Decatur pays the least at $1,261.

Doxo said, according to the U.S. Census Bureau, the real median household income in the U.S. is $67,521. At the same time, Doxo estimates that the average American household spends $24,032 per year on common bills.

“These figures suggest that more than a third of Americans’ yearly salary is put toward core expenses.

“While housing continues to be the highest U.S. household expense by a long shot, 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 their employer or automatically deducted from paychecks,” Doxo stated.

Doxo said its bill pay service empowers consumers to pay more than 100,000 providers across 97% of U.S. zip codes. The company has a customer base of over 6 million, representing all U.S. income and regional demographic segments.

“By incorporating tens of millions of payments, the 2022 U.S. Bill Pay Market Size & Category Breakout Report is a true, direct representation of what Americans actually pay on bills,” the service stated.

See also  12 Hottest Rental Markets in the U.S.