St. Cloud Residents Spend 40% of Income on Household Bills

(KNSI) – St. Cloud residents spend about $337 per year less to pay off bills than the average American, but that’s still 40% of the average local household income.

Nationally, bills amount to 34% of income. It takes $2,098 per month to satisfy auto loans and insurance, health insurance, mortgage or rent, and utilities. St. Cloud residents also typically spend $73 for cable, internet, and cell phone service. Other common household bills include an alarm system and life insurance.

It could be worse, though. St. Cloud checks in as the 47th most expensive city in the state. St. Cloud’s biggest monthly expense is a mortgage at $1,314. Car loans contribute another $493 toward the tab. Both items are running significantly higher if you took one out recently.

Interest rates have soared in the past couple of years. The average mortgage and auto rate is now over 7%. Vehicle and home prices are also at or near records. If rates don’t begin to come down, these costs will soar as people move or they are required to buy a new car.

It also doesn’t consider food prices, which are a necessity but not a bill. The average grocery charge has also soared to record highs in recent years, even as the rate of inflation moderates.

Doxo conducted the survey.

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