South Carolinians pay significantly less than the national average on their monthly bills – but there’s a catch. Because income levels in the Palmetto State are so low compared to the national average, the effective amount of money citizens must devote to these necessities is higher.
In fact when you consider South Carolina’s anemic earnings, it essentially costs as much to live in the Palmetto State as it does to live in California – one of the states with the highest monthly bill rates.
That’s according to a new report (.pdf) from Doxo, an online bill management company.
South Carolinians pay an average of $1,783 on their monthly bills – including mortgages ($1,076), rent ($910), car loans ($412), utilities ($295), car insurance ($212), cable and internet ($120), health insurance ($120) and their mobile phones ($109).
That total amount is 11 percent below the national average of $2,003 – ranking the state No. 33 nationally in terms of its monthly obligations.
Again, though, there is a catch …
All told, 41 percent of household income in the Palmetto State goes to pay bills – which is higher than the national average. By comparison, residents in Minnesota and Utah pay only 33 percent of their household income on monthly bills.
The most expensive place to live in America? Hawai’i …
According to the report, the Aloha State ranks No. 1 nationally in terms of the cost of citizens’ monthly bills ($2,911) and the percentage of household income devoted to paying them (44 percent).
Zeroing back in on South Carolina, Hilton Head Island is the most expensive place to live – clocking in at $2,569 per month. Bluffton is a close second at $2,524. Mount Pleasant ($2,473), Charleston ($2,185), Fort Mill ($2,166), Greer ($2,080), Ladson ($2,069), Okatie ($2,062), Johns Island ($2,040) and Clemson ($2,017) round out the top ten.
Nationally, Doxo estimates the annual monthly bill market at $4.6 trillion – with $853 billion going to mortgages, $616 billion going to rent, $493 billion going to auto loans, $399 billion going to utilities, $250 billion going to auto insurance and $166 billion going to mobile phone payments.
Here is the full report …
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THE REPORT …
(Via: doxoINSIGHTS)
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ABOUT THE AUTHOR …
(Via: FITSNews)
Will Folks is the founding editor of the news outlet you are currently reading. Prior to founding FITSNews, he served as press secretary to the governor of South Carolina. He lives in the Midlands region of the state with his wife and seven children. And yes, he has LOTS of hats (including that Durham Bulls’ lid pictured above).
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