MURFREESBORO, Tenn. – As winter sets in and temperatures drop, residents of Murfreesboro may be interested in doxo's recently released report, the U.S. Utilities Market Size and Household Spend Report for 2024. This comprehensive analysis dives into how Americans allocate their budgets for essential utilities such as electricity, gas, water, sewer, and waste and recycling.
According to the findings, the average monthly utility bill in Murfreesboro stands at $261, significantly below the U.S. national average of $362. In contrast, Tennessee residents spend an average of $290 on utility bills. Cumulatively, the total utilities market in the United States reaches a staggering $451 billion annually.
Utility bills are just one aspect of household expenses. Traditionally, homeowners have contended with hefty mortgage payments. In Murfreesboro, the average monthly mortgage payment is reported at $1,490. However, those currently navigating the hot housing market may find themselves facing larger loan payments. With home prices starting around $400,000 in Rutherford County, a 5% down payment would result in a monthly mortgage payment of approximately $3,100 at a 7.5% interest rate. Conversely, putting 10% down would bring the monthly payment to about $2,800.
In addition to the utility report, doxo's cost of living data for Murfreesboro provides crucial insights for residents. The average household in Murfreesboro spends around $2,430 per month, translating to an annual expenditure of $29,158 for the ten most common household bills. This positions Murfreesboro as the 13th most expensive city in Tennessee to live in.
Notably, the cost of living in Murfreesboro is 14% higher than the national average of $2,126 and 26% higher than the state average of $1,933. Furthermore, Murfreesboro households allocate approximately 38% of their income toward covering these essential bills.
Breakdown of Average Monthly Household Expenses in Murfreesboro:
- Mortgage: $1,490
- Rent: $1,282
- Auto Loans: $558
- Utilities: $261
- Health Insurance: $104
- Auto Insurance: $403
- Cable & Internet: $179
- Mobile: $178
- Alarm & Security: $79
- Life Insurance: $225
As residents navigate the financial landscape this winter, these insights underscore the importance of being mindful of household spending and budgeting for essential utilities amidst the rising cost of living. With careful planning, families can better manage their finances and adapt to the challenges posed by seasonal expenses and homeownership costs.
