SAN ANGELO, TX - In a recent report released by doxoINSIGHTS, San Angelo residents are found to spend an average of $2,021 on their monthly bills, showcasing a 1.2% decrease compared to the national average.
The study, titled "The Hidden Costs of Bill Pay Report 2023," also reveals a 29 percent surge in hidden costs associated with bill payments, amounting to an extra $1,268 per year for households.
The average household in San Angelo allocates 42 percent of its annual income, which amounts to $57,881, to cover the ten most common household bills.
The city ranks as the #113 most expensive city in Texas for household expenses, with bills totaling $24,251 annually.
According to the study, San Angelo's bills are $306 per year lower than the national average.
Moreover, it is 4.2 percent lower than the state average of $2,110.
Breaking down the average monthly payments, the study highlights the following figures for various bill types in San Angelo:
- Mortgage: $1,217
- Rent: $929
- Auto Loans: $475
- Utilities: $224
- Health Insurance: $365
- Auto Insurance: $315
- Cable & Internet: $116
- Mobile: $130
- Alarm & Security: $76
- Life Insurance: $101
The report suggests that the hidden costs associated with bill payments are primarily driven by increased credit costs, overdraft fees, late fees, and fraud.
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