The cost of living is no joke now in the United States. The United States is still got a higher cost of living than most of the world. Most American households spend about 37% of their incomes on bills monthly.
These bills include rent, auto loans, car insurance, cable, internet, utilities, and mobile phones and let’s not forget health insurance. Michigan spends about $1,800 a month on its bills.
The states that have higher bills seem to have higher incomes and the states that have lower cost bills seem to have less income. $60,000 is around the average household income.
Michigan is currently ranked 16th in the amount of money people spend on bills and the ranking is out of the 50 states. The average nationwide income is about $65,000 per household each year.
Truth be told the living expenses are still way higher than anywhere in the world. So if you are looking to buy a car you should be looking to save up or some people may be taking out a hefty loan for a car.
In today’s world, it’s just hard to save and cut down the budget but we can all try to do what we can.