It’s no surprise that the Bay Area is expensive, but a new study shows just how much residents are spending each month on their bills.
Los Gatos’ household expenses are 88.4% higher than the national average, a study out of Doxoinsights reported.
The city is ranked as the 26th most expensive city in California, but residents only spend around a quarter of their rent on a
Bay Area cities took up half of the top 10 most expensive cities in the report, including San Ramon, Danville, Mill Valley, Dublin and Menlo Park.
Neighboring city Saratoga was ranked the 48th most expensive city in California, with residents spending an average of $3,713 per month on bills.
The report tracks household financial health and spending activity through doxo’s aggregate bill pay data set, pulling from more than 8 million paying consumers across more than 97% of the country.
Bills account for 27% of Los Gatos residents’ income, the report said. The average household in Los Gatos pays $3,856 a month on bills, or $46,270 annually. The average income in town is $168,829.
Los Gatos residents pay an average of $3,791 on mortgage payments, or $2,647 in rent.
El Centro, the city that spends the least on bills, pays just $1,641 per month – but it accounts for 41% of the average income of its residents.
Californian’s spend $9,498 more on their bills than the rest of the country, the report showed.
Source: www.mercurynews.com