(RUTHERFORD COUNTY, TN) As we head into the new year, some residents may be curious about how much the average person spends on their monthly bills, outside of the expense of a home mortgage or apartment. 

• In Murfreesboro, the average amount spent on bills adds up to $1,448 monthly / $17,376 annually. 
• In Smyrna, the average cost of bills equal $1,795 monthly / $21,540 annually. 
• In LaVergne, the average monthly expenses add up to $1,592 / $19,104 annually.

The information on the cost of bills was recently released by doxo in their “U.S. Utilities Market Size and Household Spending Report for 2022.”  The report examined how much Americans spend on utility bills (including electric, gas, water & sewer, and waste & recycling) each month.

MURFREESBORO: If you were to average-out every home mortgage payment made in Murfreesboro, you’d come up with $1,252 monthly. The average rent equals $1,057 each month in the ‘Boro. For homeowners, that means the average spent on monthly bills equals $2,700 or $32,400 annually. Renters pay an average of $2,505 per month or $30,060 annually. 

Just Purchased Home in Murfreesboro: While averages make sense as a whole, they are not very realistic when examining monthly payments made by someone who recently purchased a home at today’s prices.  As an example, a homeowner who bought their 3-bedroom house for $520,000 in December of 2022, may have closed on a 30-year mortgage that came with an interest rate of 6.5%. If the homeowner put 20% down on their purchase, the monthly payment will equal $2,629. That instantly drives up the costs of monthly bills to $4,077 or $48,924 annually. The same is true for renters who pay $1,609 per month for a 2-bedroom apartment, which would instantly drive monthly expenses up to $3,057 or $36,684 annually in Murfreesboro.

SMYRNA: The overall average mortgage payment in Smyrna is $1,064 per month and the average rental price is $1,028 per month. So, if you add a mortgage payment into the mix of bills, the average Smyrna homeowner pays $2,859 monthly or $34,308 in bills annually. The average renter pays $2,823 monthly or $33,876 annually. 

Just Purchased Home in Smyrna: Again, the details of monthly payments are averages. So, if you factor in a newly financed house that you paid $520,000 for with 20% down, the monthly amount spent on bills quickly changes to $4,424 or $53,088 annually in Smyrna.

LA VERGNE: In LaVergne, the average mortgage is $830 monthly, while the average rent adds up to $1,216 per month. That means the average expense for a LaVergne homeowner is $2,422 monthly or $29,064 annually.  If renting, the average bills for a LaVergne resident equals $2,808 monthly or each month, or $33,696 annually. 

Just Purchased Home in La Vergne: Once more, the figures are based on the average of all mortgages throughout LaVergne. So, if the homeowner paid $520,000 for their home, their monthly bills would increase to $4,221 or $50,652 annually in LaVergne.

Interest Rate Changes: Interest rates for homeowners and rental rates for renters have the biggest impact on how much the average person spends on their monthly bills.  For homeowners, interest rates on home mortgages have changed greatly between January 1st of this year and December 28th of this year. As an example, we started the year with mortgage rates in the ballpark of 3% and will close the year with interest rates of about 6.5% for a basic 30-year mortgage.

More on the Home Prices 

Purchased Home in January of 2022: If you bought a home at the start of 2022 for $520,000 and used $104,000 as a 20% down payment, then you have a home mortgage of $416,000. The 30-year mortgage financed monthly at a 3% interest adds up to $1,753. If you only put down 10% ($52,000), then you financed $468,000, which equals a monthly payment of $1,973. 

Purchased Home in December of 2022: The picture looks quite different if you bought the same home at the end of 2022 for $520,000, using the same $104,000 as a 20% down payment. At December’s 6.5% interest rate, a homeowner can expect to have a monthly payment of $2,629 – which is a difference of $876 monthly, simply because you financed your home on December 28th, as opposed to January 1, 2022. If you put 10% down on your home ($52,000), your monthly payment would climb to $2,958. 

On top of monthly mortgage payments, homeowners can expect to spend about $338 per month on both city and county property taxes, around $182 monthly on homeowners’ insurance and sometimes $75 to $150 per month on neighborhood HOA fees. Added up, those costs can equal $595 to $670 monthly.

More on Apartment Rental Prices 

Monthly Apartment Prices in Rutherford County: 2022 numbers show that studio apartments are being rented for an average of $1,419 per month. When it comes to 1-bedroom apartments, the average monthly rent in Murfreesboro is $1,349. For a 2-bedroom apartment, you can expect to pay $1,609 per month. The average monthly rent for a 3-bedroom apartment in the ‘Boro comes in at $1,789. 

Most Expensive in Tennessee: In case you’re curious, the most expensive city to call home in the Volunteer State is Brentwood, TN, followed by Collierville, TN at 2nd and Germantown, TN at 3rd. Smyrna is the 10th most expensive city to reside in, followed by Nashville at number 11. Murfreesboro is ranked as the 18th most expensive city in the state. LaVergne was number 20 on the list.

More Report Findings 

Nationally, Middle Tennessee is not that expensive of a place to live. The recent doxo release showed where Rutherford County cities ranked on monthly bills, when compared to cities elsewhere. The list calculated bills in 4,276 cities. Here is where Rutherford County stands... 

• Smyrna is ranked at number 1,755 out of 4,276 Cities 
• Murfreesboro is ranked at number 2,163 out of 4,276 Cities 
• LaVergne is ranked at number 2,275 out of 4,276 Cities

Overall Averages in Places Like Murfreesboro, TN - As we enter into the thick of winter, doxo's recently released report (U.S. Utilities Market Size and Household Spending Report for 2022) found the following averages:  

• Utility bills in Murfreesboro: $219 spent per month. 
• Utility bills in Tennessee: $269 spent per month. 
• National Average Monthly/Annual Cost: $328 spent per month; $3,936 spent per year. 
• Percent of U.S. Households: 78% of U.S. households pay Utility bills. 
• Average Annual Cost per U.S. Household: $3,070 per year*. 
• Total Utilities Market Size: $399 billion spent per year. 
• Percent of Annual Income: Utility bills amount to 6% of consumers’ income per year

In addition to the above information, doxo has household bill pay data for Murfreesboro (as well as 4000+ cities across the US) that looks at the total amount spent per month, and breaks down bill payments into ten different categories, including utilities, auto loans, cable bills, and more. For example: 

• Monthly bill amount in Murfreesboro: The average household pays $1,948 a month for the 10 most common household bills. 
• Rank in Tennessee: Murfreesboro is the #18 most expensive city in Tennessee for household expenses.  
• Murfreesboro's monthly bills compared to Tennessee and national averages:The household expenses in Murfreesboro, on average, are 2.7% lower than the national average of $2,003, and 12.3% higher than the state average of $1,734. 

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