High Bills Burden Murfreesboro Area Residents

Dec 07, 2023 at 12:33 pm by WGNS News

MURFREESBORO, TN - Residents in Murfreesboro, Tennessee face a hefty financial burden as recent data from doxoINSIGHTS reveals that their annual bills surpass the national average by $1,708. While this amount might seem inconspicuous on a yearly scale, breaking it down to $142 per month unveils its impact. For many, this difference can mean the ability to conquer a full grocery shopping trip or face its absence. 

According to doxoINSIGHTS' report, the average household in Murfreesboro shells out $2,189 monthly, accumulating to a staggering $26,265 annually, ranking the city as the 12th most expensive in Tennessee for household expenses. Moreover, Murfreesboro's household expenses stand 7% higher than the national average. This financial strain becomes evident when considering that these bills constitute 40% of annual household incomes.


The average monthly mortgage payment in the city is $1,366, but with the local real estate market mostly above the $400,000 mark, actual payments are substantially higher. The real estate numbers being higher in recent years is felt especially hard for new residents who are buying a home in the 'Boro for the first time. For instance, a home priced at $369,000 with 20% down incurs a $2,407 monthly cost, while a 10% down payment raises it to $2,870. These sample numbers include insurance and property taxes. 

Adding to the financial strain are car expenses. The average monthly car loan in Murfreesboro is $452. But, more expensive cars come with higher payments. Financing a $65,000 car with a $10,000 down payment can lead to a suffocating $1,037 monthly payment over 60 months at a 5% interest rate. Health insurance further adds to the financial load, averaging $90 per person and reaching $360 monthly for a family of four, even with higher deductibles.
The costs are similar in both Smyrna and Eagleville, TN. 
These concerning financial realities are outlined in doxo's "The Hidden Cost of Bill Pay Report for 2023," emphasizing the challenges faced by Murfreesboro residents in managing their household expenses.
More examples of high costs: A home priced at $450,000 will cost around $3,000 per month, if you include property taxes and insurance at 20% down. At 10% down that same house will be close to $3,600 monthly at 7.41% interest.  If you buy a new car priced at $65,000 and put $10,000 down on the car, your loan at 60-months with a 5% interest rate will cost $1,037 monthly. With zero down, that same car rings in at $1,226 monthly.
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