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Paying utility bills, including electricity, is a responsibility many Americans face every month, and one that some find difficult to bear.
Nationally, Americans had to pay an average of $185.59 for electricity in August. According to Recently released report from LendingTree. But it turns out residents in some states face higher monthly fees than others.
Average monthly electricity bills in the five most expensive states ranged from 21.6% to 37.1% above the national average, the report said.
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LendingTree said its findings on monthly electricity costs are based on Energy Information Administration (EIA) data.
According to LendingTree's analysis, residents in the following five states suffered the highest average electricity bills in August:
Connecticut: $254.47
Fall foliage along the Connecticut River in Hartford. Hartford is the capital of the U.S. state of Connecticut. Hartford is known for its charming architecture and as the insurance capital of the United States. (image/image)
Arizona: $252.60
An aerial view of the downtown skyline during a heatwave on July 15, 2023 in Phoenix, Arizona. Today's weather forecast calls for temperatures to reach 115 degrees. Phoenix area suffers from record temperatures as proro (Brandon Bell/Getty Images/Getty Images)
Texas: $233.38
Aerial view of the downtown Austin, Texas skyline on April 11, 2023. The city of Austin has been ranked among the top destinations for the U.S. job market for the second year in a row, according to data collected by The Wall Street Journal. ((Photo by: Brandon Bell/Getty Images)/Getty Images)
Hawaii: $230.80
It covers the entire coastline of Honolulu, Hawaii, including the base of Diamond Head Crater and the state park, past the hotel-lined Waikiki Beach, and into the distance toward downtown, including the suburban neighborhoods dotting the hills surrounding the city center. (license/image)
Alabama: $225.65
Park and downtown cityscape at dusk in Huntsville, Alabama, USA. (image/image)
LendingTree found that “usage matters,” and while charges “may be higher” per kilowatt-hour of usage in some states, “average monthly bills are lower (and vice versa)” reported.
Utility bills are a big worry for some Americans
Based on Census Bureau Household Survey data, LendingTree's findings on energy costs come as 23.4% of Americans reported being unable to cover all or part of their energy bills in the last year. It is something like that.
The percentage of people who felt this way increased by 1.4 points from the previous year.
“Although inflation has moderated in recent months, the cost of living remains unusually high, which could make it harder to pay your bills,” Matt Schultz, chief credit analyst at LendingTree, said in a note. “There is,” he said. “Many people are realizing that they need to make difficult decisions to keep the lights on.”
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Overall inflation, as measured by the Consumer Price Index, rose 0.3% in November from the previous month and 2.7% from a year earlier, according to the Bureau of Labor Statistics.
Buy Online Online Shopping According to a study by Bankrate.com, 40% of Americans who are married or living with a partner have committed financial infidelity. iStock (image/image)
Electricity prices fell by 0.4% month-on-month, but were still up 3.1% compared to 12 months ago. Meanwhile, city gas service prices rose 1% from October 2023 and 1.8% from November 2023, according to CPI data.
The need to cover utility bills has led 34.3% of Americans to cut back or completely eliminate spending on essential items at least once in the past year, according to LendingTree.
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In September, the Bureau of Labor Statistics reported that U.S. households averaged $77,280 in household spending in 2023. This equates to approximately $6,440 per month.
