High Utility Bills Driving 1 in 5 Americans to Downsize Their Homes

A new survey on rising utility bills finds Americans of all stripes cutting back on expenses, including their housing.

Americans facing high utility bills move to a new home to cut expenses.
(Image credit: Getty Images)

It's been a brutal stretch for U.S. homeowners' utility bills. According to the U.S. Energy Information Administration (EIA), electricity prices are lingering close to the two-decade high of 16.31 cents per kilowatt hour set in September 2022. EIA also reports that natural gas prices set a February record high of $15.20 per thousand cubic feet in 2023, after reaching an all-time record $25.52 in August 2022. 

When you take inflation among other staple goods into account, it all adds up to a hefty burden on Americans' budgets. Some are taking drastic measures to save money, even switching up their housing at a time of high mortgage rates and home prices.

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Ben Demers
Audience Engagement Manager, Kiplinger.com

Ben Demers manages digital content and engagement at Kiplinger, informing readers through a range of personal finance articles, e-newsletters, social media, syndicated content, and videos. He is passionate about helping people lead their best lives through sound financial behavior, particularly saving money at home and avoiding scams and identity theft. Ben graduated with an M.P.S. from Georgetown University and a B.A. from Vassar College. He joined Kiplinger in May 2017.