A recent study reveals that Colorado residents are in the top ten states that are the most expensive when it comes to household bills. Longmont is the 31st most expensive city in the state.
According to the study, conducted by INSIGHTS at doxo, the average American household spends roughly $24,557 annually on essential household bills such as mortgage/rent, auto loan, auto insurance, utilities, mobile phone, cable and satellite, life and health insurance and alarm and security.
Longmont residents spend an average of $2,254 per month which is 10.1% higher than the average U.S. household.
The average annual income for Longmont residents is around $87,163 which means residents are spending around 31% of their income on household bills.
The report discovered that around 73% of consumers felt that inflation was impacting their ability to pay their bills and 86% worry it will impact their future financial health.
Housing is the largest expense for Longmont residents who pay an average of $1,862 in mortgage and $1,536 in rent. Nationally those numbers come in at around $1,321 a month on a mortgage and $1,191 for rent.
The national average for utility bills outpaces Longmont’s rates. The national average is around $351 a month while Longmont residents pay an average of $218.
Longmont residents also report spending significantly less on health insurance at $51 per month when the national average is $120
