$30K In Annual Bills For Average Cherry Hill Household: Report
This article originally appeared on Patch Cherry Hill, NJ
By Josh Bakan
CHERRY HILL, NJ — The average Cherry Hill household spends $29,228 per year on bills — higher than the national average but lower than much of New Jersey — according to a new study.
A new report by payment network Doxo shows that the average American household spends $24,557 per year on the most important household bills. These include mortgage and rent payments, utility bills, insurance costs, car payments, phone bills, and other monthly costs.
The report, which reflects actual bill payment activity in more than 97 percent of U.S. zip codes, identifies the most and least expensive states for Americans to live in based on average monthly spending on actual household bill payments.
The average household in America spends $2,046 per month on the 10 most common household bills, according to the report. The average monthly total comes to $2,436 in Cherry Hill and $2,727 in New Jersey.
“As consumers navigate their household bills in today’s volatile marketplace, billpayers may feel left in the dark, not fully understanding how much they are truly paying each month,” said Liz Powell, Doxo’s senior director of insights.
New Jersey is the third-most expensive state in the nation for household expenses, with expenses 33.2 percent more than the national average, Doxo’s analysis shows. But Cherry Hill is more affordable than New Jersey as a whole, according to Doxo’s household-bill metric.
Here’s how Cherry Hill compares to the state and the U.S.:
Average monthly bills (all services):
- Cherry Hill: $2,436
- New Jersey: $2,727
- U.S.: $2,046
Average monthly mortgage bill(s):
- Cherry Hill: $2,196
- New Jersey: $2,312
- U.S.: $1,321
Average monthly rent bill(s):
- Cherry Hill: $1,595
- New Jersey: $1,496
- U.S.: $1,191
Average monthly auto-loan bill(s):Cherry Hill: $396New Jersey: $498U.S.: $467Average monthly utility bill(s):Cherry Hill: $423New Jersey: $467U.S.: $351Average monthly auto-insurance bill(s):Cherry Hill: $102New Jersey: $218U.S.: $207
Average monthly health-insurance bill(s):
- Cherry Hill: $124
- New Jersey: $117
- U.S.: $120
Average monthly phone bill(s):
- Cherry Hill: $150
- New Jersey: $131
- U.S.: $119
Average monthly cable and internet bill(s):
- Cherry Hill: $121
- New Jersey: $130
- U.S.: $118
Average monthly life-insurance bill(s):
- Cherry Hill: $94
- New Jersey: $91
- U.S.: $89
Average monthly alarm and security bill(s):
- Cherry Hill: $94
- New Jersey: $85
- U.S.: $84
Explore more about data about New Jersey.