NJ Residents Spend This Much Of Their Income On Bills, Data Shows
his article originally appeared on NJ Patch
By Michelle Rotuno-Johnson
NEW JERSEY — New Jersey residents fork over more than one-third of their income to pay the bills every month, according to an analysis of household expenses by state.
The recent report by payment network doxoINSIGHTS shows that the average American household pays 35 percent of its income on the most important bills. These include mortgage and rent payments, utility bills, insurance costs, car payments, phone bills, and other monthly costs.
This averages out to $24,557 per year nationally, Doxo’s analysis found – but analysts say the percentage of household income “provides a more proportional look at bill spending in a particular location.”
Residents of Louisiana, Hawaii, and Florida use the highest percentage of their income for household bills – 44 percent, 43 percent, and 42 percent, respectively, as Doxo reported.
Doxo found that New Jersey residents live in the third-most expensive states for household bills, but the Garden State is at the national average (35 percent) when it comes to the percentage share of how much money goes to bills.
In fact, New Jersey is towards the end of the list, if you rank states based on that metric – coming in at No. 36.
Doxo reported that each year, Garden State residents spend $32,722 on bills, and have an average household income of $92,374.
Explore more of Doxo data on household bills here.