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|June 17, 2021|
How expensive is it to live in the Inland Empire?
INLAND EMPIRE – (INT) – doxoINSIGHTS’ has been studying how Americans spent their pandemic stimulus checks and compared it to meeting monthly household expenditures.
Residents of the Riverside, San Bernardino, Ontario area pay an average of $1,073 a month in 8 key household bill categories, which is 5.6% higher than the national average of $1016.
Avg. bill costs: $1,073 per month (excluding rent and mortgage payments)
The Inland Empire was 5.6% higher than the national average
19.9% of household income was spent on monthly household utilities and transportation.
The Inland Empire ranked 213rd highest out of 914 and 12th highest out of 34 regions in California.
Average Monthly Payments
Key findings from the report include:
95% of Americans said stimulus checks helped improve their financial health over the past year
• Over 9 in 10 people said the stimulus checks helped them between “a little” and “a great deal”
• 90% of people feel confident that stimulus payments will help the U.S. economy improve between “a little” and “a great deal”
• 63% of people believe their financial health will recover within a year, 74% of people believe the economy will take more than a year to recover
The majority of stimulus funds were used towards reducing household bills
• 3 in 5 Americans (60%) who received stimulus payments over the past year used them to pay household bills
• Of those, the most popular category to pay by far was Utilities, which was paid in 70% of cases
• The next most popular were Mobile Phone and Cable/Internet bills, which were paid in 41% and 39% of cases, respectively
• Paying down debt, at 17%, was the second most popular use while 10% of Americans put the money in savings
70% of consumers cut back spending in at least one household bill category due to the pandemic
• Nearly half (48%) of this group brought their Cable & Internet bill down
• 46% of those who reduced at least one bill cut back on expenses in the Utility category
Story Date: June 16, 2021