Wednesday, December 7, 2022

New study reveals Utah residents are losing 5.41% of their income to transport costs – amongst highest in US

New research has revealed that Utah residents are losing 5.41% of their income to transportation costs per year, which is the 4th highest in the country. 

The research carried out by NiceRX looked at what percentage of the average income is spent on rent, healthcare, childcare, transportation and other major cost of living factors. 

You can view the full research here:

https://www.nicerx.com/blog/salary-vs-health-insurance/

The top 10 states spending the most income on transportation costs:

RankStatePersonal Income per CapitaMotor vehicles and partsTransportation servicesCombined Transport CostsTransport Costs (% of income)
1Montana$56,672$2,242.29$1,263.55$3,505.846.19%
2Arizona$54,301$1,866.97$1,195.18$3,062.155.64%
3Iowa$56,973$2,215.39$937.97$3,153.355.53%
4Utah$55,392$1,966.04$1,028.80$2,994.845.41%
5Nebraska$62,095$2,265.58$1,064.53$3,330.105.36%
6Wyoming$65,627$2,299.40$1,211.47$3,510.875.35%
7Oklahoma$53,156$2,063.77$765.28$2,829.055.32%
8Missouri$55,159$1,867.60$1,062.18$2,929.775.31%
9Georgia$55,289$1,725.26$1,160.72$2,885.995.22%
10Maine$57,159$1,940.39$1,007.76$2,948.165.16%
  • As well as transport, Utah residents are also spending 12.2% of their income on health insurance and rental costs per year amount to $18,312.

The research also revealed the following: 

  • Rent and childcare are the two most-expensive cost of living factors in the US; put together they cost an average of $45,423 per year, which in-turn amounts to more than 46% of the average annual income
  • Health Insurance ranks as the 3rd most-expensive cost of living factor in the US, with average costs across the US around $6,500 per-year, making up more than 10% of average income
  • Despite residents of Massachusetts having an average personal income of $82,475, rental costs still amount to more than 32% of this total. 

You can view the full study by clicking here

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