Cost of Living: Report Reveals Most Expensive and Most Affordable Largest U.S. Cities

While the Average American Spends $2,046 per Month on Household Bills, San Jose, CA is the Most Expensive City at $3,504 per Month, and Detroit, MI is the Most Affordable at $1,571 per Month

A new report released today by doxo uncovers Americans’ cost of living based on the amount spent on household bills for the 50 largest cities in the nation (based on number of households). doxoINSIGHTS’ 50 Largest U.S. Cities Household Spend Report 2023, which reflects actual bill payment activity across more than 97% U.S. zip codes, reveals the most and least expensive big cities for Americans to reside based on average spend per month on bill payments. While the average U.S. household spends $24,557 annually on bills, 35% of the U.S. household median income ($70,784) and roughly $2,046 per month, plenty of cities rank well above or below this figure. San Jose, Boston, New York, San Francisco, and Washington top the list as the most expensive, while Oklahoma City, Albuquerque, Dayton, Cleveland and Detroit are the most affordable.

With the economic uncertainty seen throughout 2023, Americans across the nation are feeling less confident in the U.S. economy. As such, it’s never been more critical for consumers to have insight into the average cost of living across the top U.S. cities. Not only does this information help when making major decisions about moving to a new city, but also provides perspective into how much Americans are spending on the top 10 most common household bills.

“Through doxoINSIGHTS, we are able to provide consumers, businesses, and financial institutions alike with access to the broadest and most transparent data available on actual household spending for the most common bills,” said Liz Powell, Senior Director of INSIGHTS at doxo. Uncovering household bill spend on a city-specific level provides consumers with the information and tools they need to improve their financial health. Additionally, this data allows the service providers and financial institutions that serve them to better align with their needs, which is more crucial now than ever amid dampened consumer confidence in the economy.”

“Through doxoINSIGHTS, we are able to provide consumers, businesses, and financial institutions alike with access to the broadest and most transparent data available on actual household spending for the most common bills”

Fintech Insights: Leveraging the Power of Payments to Forge Better Employee Relations

The findings outlined in the 50 Largest U.S. Cities Household Spend Report 2023 include the total monthly spend for bills each month, as well as a breakout of each of the ten most common household bills, including: Mortgage; Rent; Auto Loan; Utilities (electric, gas, water & sewer, and waste & recycling); Auto Insurance; Cable, Internet & Phone; Health Insurance (consumer paid portion); Mobile Phone; Alarm & Security; and Life Insurance. The 10 most expensive and least expensive cities among the top 50 biggest U.S. cities are outlined below.

10 Most Expensive Largest U.S. Cities for Household Bills:

10 Least Expensive Largest U.S. Cities for Household Bills:

*Household Bill Pay Expense averages shown above reflect the ten most common bills paid, including housing (rent/mortgage). See report for details.

From this list of the 50 largest cities in the U.S., doxo’s report reveals the most and least expensive places for Americans to live based on average spend per month on actual household bill payments. Residents of San Jose pay the highest monthly bills out of these 50 cities, at an average of $3,504 in monthly expenses, or 71.2% higher than the national average of $2,046. California is well represented among the most expensive metro areas ranked, with San Francisco, San Diego, and Los Angeles also on the list. Boston, New York, Washington DC, Seattle, Miami, and Portland also made the list of the top ten most expensive cities.

Findings also show that cities in the Midwest are some of the least expensive in doxo’s Top 50 rankings. Detroit residents pay the least in average monthly expenses, at $1,571, which is 23.2% lower than the national average. Other Midwest-based cities make up the majority of the least expensive cities with Saint Louis, Cleveland, and Dayton all making the list.

To view more from doxoINSIGHTS and its 50 Largest U.S. Cities Household Spend Report 2023, including a full breakdown of the amount paid in household bills across all of the 50 states, as well as previous doxo reports, visit the doxoINSIGHTS website.

Bill Payment Data for 4000+ Cities:

doxoINSIGHTS data covers more than the 50 largest cities in the United States. Use doxoINSIGHTS Explorer for household bill information for more than 4,000 cities and towns across the country. The infographics compare average bill expenses in the 10 major household bill categories. Look up your city’s infographic via doxoINSIGHTS Explorer.

Read More About Fintech Interview: Global Fintech Interview with Andrey Korchak, CTO at Monite

[To share your insights with us, please write to  pghosh@itechseries.com ]