As Energy Prices Continue to Soar, doxo Reveals the Average U.S. Household Now Spends More Than $3,000 Per Year on Utility Bills

New report finds Americans spend $399 billion on utility bills annually, up a total of 7% as compared to this time last year; gas bills lead the surge with a 10% increase

doxo, the innovative web and mobile bill pay service, today released its U.S. Utilities Market Size and Household Spending Report for 2022, revealing that Americans spend $399 billion annually on utility bills. A statistical analysis of actual household utility bill payments was used to size the market and amount spent per household across 97% of U.S. zip codes. The report found that the 78% of U.S. households with a utility bill spend $328 per month, or $3,936 per year – or $3,070* per year when averaging across all U.S. households. The report also breaks out the U.S. household spending market size; percentage of households that pay each bill; and average monthly and annual bill pay costs by state, and largest cities based on number of households.

These doxo INSIGHTS findings come as energy prices have been soaring upwards over the past year, contributing to inflation across the country. According to the U.S. Energy Information Administration, power prices are expected to rise in all areas of the country during the winter months as the weather becomes colder. In line with this forecast, doxo’s data reveals that payments to Utility bills as a whole were up 7% in the third quarter of this year as compared to the same period last year, with Electric and Gas bills each increasing 10% quarter over quarter, Waste & Recycling increasing 7% and Water & Sewage increasing 1%. All in all, these numbers suggest that Americans continue to be in for an expensive winter in terms of paying bills.

“doxo INSIGHTS’ Utilities Market Size and Household Spending Report leverages our proprietary dataset to help make the U.S. bill pay economy transparent and understandable for all,” said Jim Kreyenhagen, VP of Marketing and Consumer Services at doxo. “Alongside our app—which simplifies the task of staying on top of bills to help improve financial health—these reports support doxo’s ongoing mission to empower our consumer users, billers, and financial service providers alike to make better decisions. As we head into the colder winter months where we can expect heightened utility bills, it’s crucial that consumers have access to this level of data so they have the information they need to budget accordingly.”

The doxo INSIGHTS 2022 Utilities Market Size and Household Spending Report Findings

doxo INSIGHTS leverages doxo’s unique, aggregate, anonymized bill pay data comprised of actual bill payment activity to confirmed household service providers across the country. The Utilities Market Size and Household Spending Report, inclusive of electric, gas, water & sewer, and waste & recycling, breaks out the household spending market size; percentage of households that pay each bill; and average monthly and annual bill pay costs by state, and U.S. cities based on population. Key findings include the following:

• Total Market Size: $399 billion spent per year
• Average Monthly/Annual Cost: $328 spent per month; $3,936 spent per year
• Percent of Households: 78% of U.S. households pay Utility bills
• Average Annual Cost per U.S. Household: $3,070 per year*
• Percent of Annual Income: Utility bills amount to 6% of consumers’ income per year

States with the Highest Utility Bills

Access Utility Household Bill Pay Data for all 50 states here.

Largest US Cities With the Highest Utility Bills

Access Utility Household Bill Pay Data for the Top 50 Largest US Cities here.

For more information, or to view the additional doxo INSIGHTS reports, visit www.doxo.com/insights/.

*Average Monthly Bill x % of Households with Bill x 12 months per year = Average Annual Cost per U.S. Household.

About doxo INSIGHTS

Doxo INSIGHTS provides direct insight into household financial health and spending activity by leveraging consumer surveys and doxo’s unique aggregate bill pay data set, comprising actual bill payment activity to confirmed household service providers across the country. doxo data brings together the broadest available data set for analyzing actual household bill payment activity, pulling from over 8 million paying consumers across over 97% of U.S. zip codes. doxo’s payment network covers over 120,000 billers in 45 different service categories and enables payments using bank accounts, credit cards or debit cards. This uniquely broad statistical foundation powers doxo INSIGHTS reports – uncovering key trends for household financial health and bill payment behavior.

About doxo

For over 8M users across the country, doxo makes it simple to organize and pay any and all bills with any payment account on any device through a standard, secure checkout every time; doxoPLUS adds 5 essential financial protections that boost financial health. For billers, doxo’s network-driven bill pay platform enables online and mobile payments with ridiculously simple integration, radically lower costs, and features that are unavailable in traditional biller-direct platforms. For fintech and payment network partners, doxo delivers innovation to over 8M users across 97% of US Zip Codes facilitating payments to over 120,000 service providers in the doxo Directory. For employees, doxo is an energetic, creative, ever-learning team that is building fintech tools designed to help millions of people stay on top of the most fundamental obligations of their financial lives. For investors, doxo provides an extraordinary opportunity to invest alongside Jackson Square Ventures, MDV, and Bezos Expeditions to disrupt a market that accounts for over $4T of US Household spend. doxo is based in Seattle, WA. For more information visit www.doxo.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221220005606/en/