In Cherry Hill, the average household’s annual expenditure on bills stands at $29,228, a figure surpassing the national average while staying below New Jersey’s average, according to recent findings by payment network Doxo.
Doxo’s study, based on actual bill payment data from over 97 percent of U.S. zip codes, highlights the substantial impact of household bills on Americans’ financial realities. These bills encompass essential expenses such as mortgage or rent payments, utilities, insurance, vehicle payments, phone charges, and other recurring monthly costs.
The data reveals that the typical American household allocates $24,557 annually towards these crucial outlays. In Cherry Hill, the average monthly cost for these vital bills is $2,436, a bit higher than the national figure but considerably less than the $2,727 spent in New Jersey as a whole.
Liz Powell, Senior Director of Insights at Doxo, emphasizes the importance of understanding the true scope of monthly financial obligations: “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.”
Breaking down the statistics, New Jersey ranks as the third most expensive state nationwide in terms of household expenditures, with costs surpassing the national average by 33.2 percent. However, Cherry Hill stands as a more budget-friendly choice when compared to the state’s overall household expenditure pattern.
A Comparison of Monthly Average Bills (All Services):
- Cherry Hill: $2,436
- New Jersey: $2,727
- U.S.: $2,046
Key Monthly Average Bills:
-
Mortgage Bills:
- Cherry Hill: $2,196
- New Jersey: $2,312
- U.S.: $1,321
-
Rent Bills:
- Cherry Hill: $1,595
- New Jersey: $1,496
- U.S.: $1,191
-
Auto-Loan Bills:
- Cherry Hill: $396
- New Jersey: $498
- U.S.: $467
-
Utility Bills:
- Cherry Hill: $423
- New Jersey: $467
- U.S.: $351
-
Auto-Insurance Bills:
- Cherry Hill: $102
- New Jersey: $218
- U.S.: $207
-
Health-Insurance Bills:
- Cherry Hill: $124
- New Jersey: $117
- U.S.: $120
-
Phone Bills:
- Cherry Hill: $150
- New Jersey: $131
- U.S.: $119
-
Cable and Internet Bills:
- Cherry Hill: $121
- New Jersey: $130
- U.S.: $118
-
Life-Insurance Bills:
- Cherry Hill: $94
- New Jersey: $91
- U.S.: $89
-
Alarm and Security Bills:
- Cherry Hill: $94
- New Jersey: $85
- U.S.: $84
These insights into the financial commitments of households shed light on the financial landscape in Cherry Hill, providing a valuable perspective for both residents and policymakers.
