Living in Washington State costs more than most states when it comes to household bills. In a new report from DoxoINSIGHTS, a U.S. bill pay market analysis company, Washington state is the 8th-most expensive place for household bills in the country at $2,468 per month. That’s $5,000 more a year than the national average. Overall, Washington residents spend about 37% of their income on household expenses, including rent, utilities and insurance. Hawaii is ranked the most expensive state in America for household bills, followed by California and New Jersey. While Idaho comes in at 27th.
The biggest difference Doxo says lies in mortgage rates and rents. In Washington State, the average mortgage is $1,854 per month vs. the national average of $1,321. Average rent is $1,476 versus $1,191. Surprisingly, Washington’s average utility bill is higher as well – $389 per month vs. national average of $351. Doxo reviewed bill payment activity and behavior, U.S. Census Bureau data, and what residents consider “essential bills” in conducting its analysis. Gasoline prices are NOT included, making the cost of living in Washington even higher.
SPOKANE COUNTY RANKS BELOW THE NATIONAL AVERAGE
One bright spot in this report is Spokane County, that ranks 8% below the national average. On average, a household in Spokane County pays $1,882 per month on household bills, $1,970 LESS than the national average.
HOW MUCH OF YOUR INCOME SHOULD GO TO HOUSEHOLD BILLS?
The National Association of REALTORS® Affordability Index recommends a financially-sustainable amount of money to spend on one’s mortgage is around 28%. With some of the most expensive housing prices in the U.S., most Washingtonians are paying more than they can afford for a place to live.