Methodology
To identify the states with the highest household bills, 24/7 Wall St. reviewed the report United States of Bill Pay from doxo insights, a bill paying platform. States are ranked by average household monthly bill payments. Average bill payments were calculated incorporating the most common household bills, including housing (mortgage and rent payments), auto loans, utilities, car insurance, cable, internet, mobile phone, health insurance, security alarms, and life insurance.
To calculate monthly expenditures as a percentage of income, we used five-year estimates of median household income by state from the U.S. Census Bureau’s 2020 American Community Survey.
Sponsored: Tips for Investing
A financial advisor can help you understand the advantages and disadvantages of investment properties. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
Investing in real estate can diversify your portfolio. But expanding your horizons may add additional costs. If you’re an investor looking to minimize expenses, consider checking out online brokerages. They often offer low investment fees, helping you maximize your profit.