The Capital Region is the fourth most expensive region in New York City for household spending

A report by DoxoINSIGHTS ranked the Albany-Schenectady-Troy area as the fourth most expensive area in New York City for monthly household spending.

DoxoINSIGHTS is a branch of the third-party bill payment website, Doxo, which analyzes statistics on how Americans pay their bills. Doxo estimates $ 380 billion spent annually on utility bills in the United States and publishes its findings in an annual report on the size of the utility market and household spending in the United States.

In the business Analysis 2021, monthly household spending in the Albany area averaged $ 1,961, 3.8% above the national average.

In front of the region were three more. The New York / Newark area was at No. 1, the Poughkeepsie / Newburgh area at No. 2, and Kingston at No. 3 – all averaging over $ 2,100 a month in bills. Doxo’s report looked at 27 areas of New York City in total. Others that were in the top 10 most expensive locations in the state but less expensive than the Albany area were respectively listed as: Ithaca, Hudson, Watertown / Fort Drum area, Gloversville, Glen Falls, and Amsterdam.

About 78 percent of households in the country have utility bills that amount to $ 2,955 per year, according to the report.

Mortgages in the Albany area were $ 199 higher than the national average of $ 1,279, but rent was $ 36 cheaper than national prices at around $ 1,026.

Other expenses including utilities, health insurance, auto loans or insurance, cable and telephone bills were also reported to be lower than national averages.

While consumers nationwide paid $ 316 for utilities, residents of Albany paid $ 280. Likewise, the national average cost of health insurance was $ 113 per month, while in Albany it was $ 56.

A complete look at New York

The average New York household monthly expenses was $ 2,266, about 20% more than what was found across the country, making it the eighth most expensive state in the United States for monthly household spending.

Of the 10 expenses Doxo considered, New York’s rates were above the national average in every category except two. Costs associated with health insurance and telephone bills were lower than national medians.

In its No. 8 ranking, New York comes behind seven other states: Hawaii, California, New Jersey, Alaska, Massachusetts, Maryland and Connecticut.

And according to the Federal Reserve Bank of New York, the national average year-over-year increase in monthly household spending rose 4.7% in August 2021, the highest since the start of the Consumer Expectations Survey in 2014.

The SCE survey provides a better understanding of consumers’ experiences and expectations regarding their spending habits.

The expected median increase in household spending on basic necessities over the next 12 months rose 5.2% in August. The survey, however, said non-essential spending fell 2.6% from April’s peak of 4.1%.

“The recent increase in median expected spending growth likely reflects continued improvements in the labor market and the economy as a whole, as well as high levels of household savings and pent-up demand resulting from the pandemic,” said New York Fed researchers said. “Part of the increase may also be due to base effects associated with lower overall spending since the start of the pandemic.”

The most recent from the Bureau of Labor Statistic consumer spending survey also highlighted what people spend their money the most on in the North East. Annual consumer spending of about $ 25,195 per year on housing took the cake. Transportation costs Northeast consumers about $ 9,035 each year and food consumes more than $ 8,000 of their budget, according to the report.

Although New York is in the top percentile of monthly household spending, Albany’s numbers have held up well against national standards.

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