Hoosiers expected to spend 35% of income on bills by 2035, according to new study
TERRE HAUTE, Ind. (WTWO/WAWV) — A new study, conducted by coupon website Bravo Deal, reveals that Hoosiers are projected to spend 35% of their income on household bills by 2035.
According to Bravo Deal's research, this 35% of income spent on bills is equivalent to $30,639, nearly tripling the 2011 figure of $11,453, and almost doubling the 2023 figure of $18,597.
While the national average of income spent on bills in 2035 is expected to decrease to 29.7%, compared to the 30.4% Americans spent in 2023, Indiana's share of income is expected to be a 4.6% increase from the 2023 national average and 5.3% more than the projected national average in 2035.
Where does your city rank in retiree Social Security income?
According to the study, Indiana residents' 35% of income allocated to household bills, will be the fifth highest percentage in the nation by 2035. Trailing West Virginia (45%), Louisiana (40.6%), Kentucky (39.2%) and Alaska (35.5%).
Bravo Deal's research analyzed consumers' spending patterns and income from 2011 to 2023 from the US Bureau of Economic Analysis to determine how the cost of utilities, insurance, healthcare and car expenses have impacted Americans' finances over time.
Bravo Deal said the analysis calculated the percentage of disposable income spent on bills in each state, then measured the percentage change in spending in income. The growth rates between the two years were then used to project how these expenses could affect Americans by 2035.
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