Report: Memphians Spend Nearly Half of Income on Bills Each Year

A new report reveals that Memphis citizens spend 49 percent of their income on household bills.

According to the report by doxo, Memphians spend around $1,900 per month on bills, which include expenses such as rent, utilities and auto insurance. In Memphis, household expenses are seven percent less compared to the rest of the country, but residents spend almost half their income to pay for them.

In the state of Tennessee, Germantown ranks as the most costly city for household expenses. On average, residents spend $2,843 per month. That’s 38.9 percent higher than the national average.

Also in the Memphis suburbs, Collierville is the third most expensive city in the state, but residents only spend 28 percent of their income to pay their bills. This isn’t surprising, considering the average Collierville house income is roughly $117,000 compared to Memphis’ $46,181.

You can read the full national report here.