Check out what’s clicking on FoxBusiness.com.
Paying utilities bills, including ones for electricity, is a responsibility that many Americans face – and some have difficulty covering – each month.
Nationwide, the amount of money that Americans had to pay for electricity in August averaged $185.59, according to a recently-released report from LendingTree. However, it found residents in some states faced heftier monthly bills than others.
The five most-expensive states clocked average monthly electricity bills whose costs ranged from 21.6% to 37.1% above the national average, it reported.
ALMOST 4 IN 10 AMERICANS WORRY ABOUT PAYING BILLS IN NUMBERS SURPASSING GREAT RECESSION ERA
LendingTree said its findings for monthly electricity bill costs were based on data from the Energy Information Administration (EIA).
Residents in the following five states were on the hook for the largest average electricity bills in August, according to LendingTree’s analysis:
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 attractive architectural styles and being the Insurance capital of the United States (iStock / iStock)
Arizona: $252.60
In an aerial view, the downtown skyline is seen during a heat wave on July 15, 2023 in Phoenix, Arizona. Weather forecasts today are expecting temperatures to reach 115 degrees. The Phoenix area is grappling with record-breaking temperatures as prolo (Brandon Bell/Getty Images / Getty Images)
Texas: $233.38
In an aerial view, the downtown skyline is seen on April 11, 2023 in Austin, Texas. The city of Austin has been ranked as the top destination of U.S. job markets for the second consecutive year, according to data collected by The Wall Street Journal. ((Photo by Brandon Bell/Getty Images) / Getty Images)
Hawaii: $230.80
The entire coastline of Honolulu, Hawaii including the base of Diamond Head crater and state park, past the hotel lined Waikiki Beach towards downtown in the distance including the suburban neighborhoods dotting the hills surrounding the city center. (iStock / iStock)
Alabama: $225.65
Huntsville, Alabama, USA park and downtown cityscape at twilight. (iStock / iStock)
LendingTree found “usage matters,” reporting some states “may have high rates” for each kilowatt-hour used “but low average monthly bills (and vice versa).”
Utility bills a major pain point for some Americans
LendingTree’s findings about electricity bill costs comes as it reported 23.4% of Americans experienced an inability to cover their entire energy bill or portions of it in the last year, based on Census Bureau Household Pulse Survey data.
The share who felt that creeped up 1.4 percentage points year-over-year, it said.
“Even though inflation has moderated in recent months, life is still crazy-expensive, and that can make it hard to pay your bills,” LendingTree chief credit analyst Matt Schulz said in the report. “Lots of people have found themselves needing to make difficult decisions to keep the lights on.”
MAJORITY OF AMERICANS LACK ECONOMIC SECURITY, STUDY FINDS
Overall inflation measured by the Consumer Price Index increased 0.3% month-over-month and 2.7% year-over-year in November, according to the Bureau of Labor Statistics.
Buying online Online shopping A Bankrate.com survey reveals that 40% of Americans that are married or living with a partner have committed financial infidelity. iStock iStock (iStock / iStock)
For electricity, prices posted a 0.4% drop month-over-month but remain up 3.1% from 12 months ago. Meanwhile, utility gas service prices rose 1% from October and 1.8% from November 2023, the CPI data showed.
Needing to cover utility bills prompted 34.3% of Americans to curb their spending on necessary things – or eliminate some altogether – in at least one instance in the prior year, LendingTree said.
NEARLY 60% OF AMERICANS SAY $100K INCOME REQUIRED TO CURB EXPENSES ANXIETY: STUDY
In September, the Bureau of Labor Statistics reported American households saw an average of $77,280 in household expenditures in 2023. That equated to about $6,440 per month.
