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Study: Seminole Households Spend Over 40 Percent of Income on Bills
The average household in Seminole spends 42% of their income on bills, not including groceries, a new report shows.
According to the 2023 U.S. Bill Pay Market Size & Category Breakout Report by doxoINSIGHTS, the average Seminole household pays $1,365 a month, or $16,378 a year for the 10 most common household bills. The report also indicates that household expenses in Seminole, on average, are 49.9% lower than the national average of $2,046, and 25% lower than the state average of $1,705. Seminole is the #46 most expensive city in Oklahoma for household bills. Edmond claimed the top spot on the list with $2,650 in household income going to bills. Household expenses in Edmond are 29.5% higher than the U.S. average.
Per the report, the average cost of monthly bills in Seminole is as follows: Mortgage - $805, Rent $675, Auto Loans - $442, Utilities - $317, Health Insurance - $107, Auto Insurance - $177, Cable & Internet $128, Mobile - $49, Alarm & Security - $75, and Life Insurance - $72.
The report reveals that Americans spend a total of $3.87 trillion annually on household bills. The report also found that the average American household spends approximately $2,046 a month, or $24,557 per year on the ten most essential household bills.
Doxo, based in Seattle, says it aims to bring transparency to the U.S. bill pay market by bringing together the broadest available data set for analyzing actual household payment activity, and making it available to the public.