West Virginia cheapest state to live in based on average cost of monthly bills
This article originally appeared on WTRF
By Amber Baker
WHEELING, W.Va. (WTRF) — With everything but our savings account balances increasing, it is hard to imagine anything being affordable in today’s economy, but if you live in the Mountain State, you probably spend a lot less on monthly bills than anywhere else in the U.S.
Doxo, an online bill pay service, has just released The Hidden Cost of Bill Pay Report 2023, which shows which states have the most and least affordable average monthly bills.
The report found that hidden costs associated with paying bills amount to an additional $167 billion annually, averaging $1,268 per household.
According to the study, this is a 29 percent increase compared to last year, with credit costs, overdraft fees, late fees, and fraud driving the cost higher.
The report focuses on the ten most common household categories:
- Mortgage
- Rent
- Auto Loan
- Utilities (electric, gas, water & sewer, and waste & recycling)
- Auto insurance
- Cable, internet and phone
- Health insurance
- Mobile phone
- Alarm and security
- Life insurance
Ranking the number one state with the least expensive monthly costs is West Virginia, with monthly bills averaging $1530 per month, which is 25.2 percent below the national average.
Breaking the data down further shows that Wheeling, in particular, spends an average of $1597 per month, or $19,168 per year, on monthly bills, making it the 12th most expensive city within the Mountain State.
According to the study, the average household income in the Friendly City is $50,426, of which 39 percent goes towards the costs of bills.
Mississippi comes in at 21.1 percent lower than the national average, with residents paying approximately $1,616 for household bills, making the Magnolia State the second least expensive state for monthly bills.
Arkansas, Oklahoma, and Kentucky bring in the third, fourth, and fifth states for the lowest average monthly bill costs.
States with higher living costs come with higher monthly bills, and Doxo reports that Hawaii is the most expensive state.
Hawaiians spend an average of $3,070 in monthly bills, which is 50 percent more than the national average, taking up to 43 percent of the household income.
California ranks second at $2,838 a month, which is 38.7 percent higher than the national average, and New Jersey ranks third. Monthly costs for the Garden State sit at $2,727, using 35 percent of a household’s income.
Massachusetts and Maryland rank fourth and fifth for most expensive monthly bills, using 35 and 34 percent of the household incomes, averaging $2,656 and $2,569 per month.