San Jose, California is most expensive city for monthly bills: Report
A report by Doxo ranked the most expensive cities in the U.S. for monthly bills and expenses.
RACHELLE AKUFFO: The new report reveals the average US household spends over $2,000 a month on bills. Now, doxo, a bill pay service, releasing its 2022 report documenting the monthly expenses of households in the 50 largest US cities. Now, in the top five, San Jose, New York City, Boston, San Francisco, and San Diego. So not too surprising to see San Jose up there because when you think of Silicon Valley and the cost of living up there. But my goodness, if we're looking at $3,248 a month in bills, I'd be crying. Honestly, I'd be crying. What about you, Dave?
DAVID BRIGGS: It is a tragedy. It is shocking when you add those up, although I suppose we're probably in that neck of the woods. You live in Washington, DC. We're out here in the Northeast. And that's the cost of inflation today. It is just a bit of a lesson where you, frankly, don't want to live in the United States right now with all the inflationary pressures. And it's along the Northeast, and it's along the West Coast in Southern California.
As I look at this list, I can't help but wonder how much of the map has been remade the last couple of years as people move out of New York City, as they move out of Chicago, and Boston, and Los Angeles, and San Francisco and move to the middle of the country, which we did see a lot of. That was the trend throughout COVID.
And if mobile work or remote work continues, maybe people are going to save considerable money because you have to look at the least expensive cities. And that tends to be where people were moving during the pandemic, Cincinnati, Ohio, topping that list. Oklahoma City's been a big town that's been attracting people the last couple of years.
Kansas City, Dayton, Memphis, a huge growth area the last couple of years. I can't say the same about Cleveland or Detroit. Detroit certainly surprises me a little bit to be on the most affordable list in terms of the large cities. But will we see people start to-- or continue to, rather, migrate where bills are cheaper?
SEANA SMITH: You would think so, especially now that we're given so much more flexibility-- or many people are given much more flexibility with their employer, so they're able to move to some of those cheaper locations. And, Dave, you're right, we certainly did see the start of that during the pandemic. I think much of that has continued over the last year or year and a half or so.
I think the next 6 or 12 months will definitely be very telling just in terms of this trend because we're starting to see more and more corporations mandate workers return to the offices at least for a couple of days a week, which could potentially limit people from moving further from their offices. But you're right, if work flexibility, if remote work continues to be a priority here for some companies out there, you would think that the cost of living in some of those cheaper cities would then begin to rise.
DAVID BRIGGS: It really depends on the labor market. If it stays tight, people are going to stay remote.