How Much Does Oven Repair Cost
American Households' Boilerplate Monthly Expenses: $v,111
Paradigm source: Getty Images
The average monthly expenses for American households are $five,111, co-ordinate to the near recent Consumer Expenditure Survey from the U.Southward. Bureau of Labor Statistics (BLS).
Where does all that coin go? For the typical person, it covers quite a few dissimilar things from major costs similar payments to their mortgage lender and groceries to smaller expenses like apparel.
By peeking into the national average budget for all these categories, we tin can become a better thought of where people spend the virtually and how our ain spending habits compare.
Cardinal findings
- The average household's monthly expenses are $v,111 ($61,334 per twelvemonth).
- The boilerplate almanac income after taxes is $74,949.
- Housing is the largest average price at $1,784 per month, making up 34.9% of typical spending.
- Americans spend $610 on food per month, with most ii-thirds being spent on groceries and the rest on eating out.
- Transportation costs more than many realize ($819 per month), largely due to the intermittent nature of these expenses.
- Healthcare spending averages $431 per month.
- The average single person spends $329 more per year than their accept-dwelling pay.
Boilerplate monthly expenses per household: $5,111
The average expenses per month for ane consumer unit of measurement in 2022 was $5,111. That means the boilerplate spending per year is $61,334.
Go along in mind that living cost varies by region -- some cities are very affordable, while others are extremely expensive. The figures presented below are national averages.
Consumer spending in the United States had been steadily increasing, just 2022 was a divergence from that tendency, likely considering of the COVID-19 pandemic. Average expenses decreased by 2.7% from 2022 to 2022.
Y'all might be wondering what exactly counts as a consumer unit of measurement. The BLS defines a consumer unit of measurement as any of the following:
- Families
- Single persons living alone
- Single persons sharing a household with others but are financially independent
- Ii or more than people living together and sharing major expenses
For example, two parents and a child would be one consumer unit of measurement. Iii roommates would be three consumer units. The boilerplate consumer unit is 2.five people.
Average annual income per household: $74,949
The boilerplate American household's almanac income afterward taxes is $74,949. Average pre-tax income is $84,352.
Based on the income and spending figures, Americans spend 82% of their income after taxes and accept a savings charge per unit of 18%. That's close to the recommended savings rate of at least 20%.
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Where Americans spend their money
Here's a full breakup of the average spending by category:
| Detail | Monthly toll | Annual cost | Percent of spending |
|---|---|---|---|
| Housing | $i,784 | $21,409 | 34.nine% |
| Transportation | $819 | $9,826 | 16.0% |
| Personal insurance and pensions | $604 | $vii,246 | xi.8% |
| Healthcare | $431 | $5,177 | 8.iv% |
| Groceries | $412 | $4,942 | 8.1% |
| Entertainment | $243 | $ii,912 | 4.7% |
| Restaurants and other meals abroad from home | $198 | $2,375 | iii.9% |
| Cash contributions | $190 | $ii,283 | three.7% |
| Wearing apparel and services | $120 | $1,434 | ii.iii% |
| Teaching | $106 | $1,271 | ii.1% |
| Miscellaneous | $76 | $907 | 1.five% |
| Personal care | $54 | $646 | ane.1% |
| Alcoholic beverages | $xl | $478 | 0.8% |
| Tobacco/smoking products | $26 | $315 | 0.5% |
| Reading | $ten | $114 | 0.two% |
| TOTAL SPENDING | $five,111 | $61,334 |
Information source: U.Due south. Bureau of Labor Statistics (2021).
A quick note about monthly spending
The BLS survey only calculates annual spending, so we divided those numbers by 12 to get the boilerplate household expenses per month. Because nosotros rounded to the nearest dollar, at that place may exist small discrepancies when comparison the monthly and almanac numbers.
It's also worth noting that non all of the typical expenses are monthly expenses. Some of these expenses are intermittent. For example, most people aren't spending $196 per month on furniture and appliances. But over the course of the yr, the boilerplate is $2,346.
Boilerplate monthly spending on housing: $one,784 (34.9%)
Housing is the biggest living expense in the national boilerplate budget by a broad margin, and it increased by 3.v% in 2022.
Of the $one,784 per month that Americans spend on housing, $i,050 of it goes towards housing payments. This fluctuates quite a bit depending on a person'due south living situation. Average housing costs tin can be anywhere from nether $1,000 to over $3,000 depending on the area. Housing size and whether a person has roommates also take a large bear on on how much they spend here.
Here's a more detailed look at the different expenses of abode buying and how much Americans spend on them:
| Housing expense | Average monthly spending | Boilerplate annual spending |
|---|---|---|
| Shelter | $one,050 | $12,604 |
| Utilities/fuels/public services | $347 | $4,158 |
| Furniture/appliances | $196 | $two,346 |
| Household operations | $122 | $i,465 |
| Housekeeping supplies/laundry | $70 | $837 |
Data source: U.Southward. Bureau of Labor Statistics (2021).
Average monthly spending on transportation: $819 (sixteen.0%)
Transportation is the second-largest monthly expenditure, merely Americans accept been spending less on it. National boilerplate transportation spending decreased by viii.v% from 2022 to 2022.
It's easy to miss just how much we spend on transportation, because some of the bigger expenses are intermittent. Maintenance and repairs aren't necessary every month, but they add up to $879 per year. Virtually people don't buy new vehicles often, but when they do, information technology's a major purchase. Depending on the payment schedule you choose, car insurance could be a monthly expense or one that you pay twice a year.
| Transportation expense | Average monthly spending | Average annual spending |
|---|---|---|
| Vehicle purchases | $377 | $four,523 |
| Insurance | $131 | $1,575 |
| Gas and oil | $131 | $1,568 |
| Maintenance/repairs | $73 | $879 |
| Rental/leases/fees | $63 | $758 |
| Public transportation | $22 | $263 |
| Vehicle finance charges | $22 | $258 |
Information source: U.S. Bureau of Labor Statistics (2021).
Average monthly food spending: $610 (12.0%)
Food spending includes groceries and food away from dwelling house, which is any food that you lot pay someone else to ready for y'all. It decreased by 10.4% from 2022 to 2022.
In that location's one clear reason for that drop in food spending, and it probably won't come as a surprise considering the circumstances in 2022: people seriously cutting back on dining.
The average American spent over $1,000 less on food abroad from abode in 2022 ($2,375) than in 2022 ($iii,526). Overall, spending dropped by 32.six% in this category. Grocery spending, on the other paw, increased by 6.4%. If you've seen your own supermarket spending increase, a grocery credit card could help you relieve on that.
| Food expense | Boilerplate monthly spending | Average almanac spending |
|---|---|---|
| Groceries | $412 | $4,942 |
| Nutrient abroad from home | $198 | $2,375 |
Data source: U.S. Agency of Labor Statistics (2021).
Boilerplate monthly personal insurance and alimony spending: $604 (11.viii%)
Personal insurance and pensions accounted for $604 in monthly spending. That was a slight (1.i%) increase from 2022.
To clarify, this category includes life insurance, personal liability insurance, accident insurance, and disability insurance. Information technology doesn't include homeowners insurance or renters insurance, which are part of housing costs, or machine insurance, which is office of transportation.
Only 6.seven% of spending in this category goes towards personal insurance. The remaining 93.iii% goes to pensions and Social Security. That category includes contributions to retirement accounts and the Social Security benefits withheld from your paycheck.
| Personal insurance and pension expense | Average monthly spending | Average annual spending |
|---|---|---|
| Personal insurance | $41 | $486 |
| Pensions/Social Security | $563 | $six,760 |
Data source: U.South. Agency of Labor Statistics (2021).
Boilerplate monthly healthcare spending: $431 (viii.4%)
Despite the COVID-nineteen pandemic, healthcare spending didn't modify much in 2022. It decreased by 0.3% from the previous year.
Just over 70% of that spending went towards health insurance premiums, which cost an average of $306. That probably sounds depression for health insurance. Information technology's partly because many people pay less due to revenue enhancement credits, employer-paid premiums, Medicare, and Medicaid. In addition, viii.half-dozen% of Americans don't have health insurance, according to the U.S. Census Agency.
| Healthcare expense | Average monthly spending | Average annual spending |
|---|---|---|
| Wellness insurance | $306 | $three,667 |
| Medical services | $72 | $864 |
| Drugs | $twoscore | $476 |
| Medical supplies | $fourteen | $170 |
Data source: U.S. Bureau of Labor Statistics (2021).
Boilerplate monthly spending on amusement: $243 (4.seven%)
Americans spend 4.7% of their monthly budgets on amusement. Spending in this category decreased by 5.8% in 2022.
The BLS made some interesting decisions in what was and wasn't considered entertainment. As entertaining every bit pets can exist, pet owners would probably fence that they deserve their own category. Avid readers may be surprised to larn that reading doesn't fall under entertainment (it has its own category instead).
| Amusement expense | Average monthly spending | Average annual spending |
|---|---|---|
| A/V equipment and services | $87 | $1,049 |
| Pets | $58 | $690 |
| Other amusement supplies, equipment, and services | $48 | $579 |
| Fees and admissions | $35 | $425 |
| Toys/hobbies | $14 | $170 |
Data source: U.S. Bureau of Labor Statistics (2021).
Average monthly spending on wearing apparel and services: $120 (two.iii%)
It'due south safe to say that people weren't too concerned about dressing upwards during the early days of the pandemic. Clothes spending plummeted in 2022, dropping past 23.8% from the yr before.
| Apparel and services expense | Average monthly spending | Average annual spending |
|---|---|---|
| Men and boys | $27 | $326 |
| Women and girls | $45 | $545 |
| Children under two | $vi | $68 |
| Footwear | $26 | $314 |
| Other clothes and services | $fifteen | $181 |
Data source: U.South. Bureau of Labor Statistics (2021).
Average monthly expenses past household size
So far, we've looked at the average living expenses per consumer unit, which represents the average household. Merely many households won't fit into the boilerplate.
If you're a unmarried person, you're probably interested in the average monthly expenses for ane person. And those with larger families may desire to run across what the typical spending habits are like in similar households.
As it turns out, single-person households have it much harder financially than households with two or more people. In fact, single people spent $329 per year more than than their after-tax income.
| Household size | Boilerplate monthly spending | Boilerplate annual spending | Average income after taxes |
|---|---|---|---|
| One person | $iii,241 | $38,895 | $38,566 |
| Two people | $v,271 | $63,254 | $78,108 |
| Three people | $5,812 | $69,740 | $89,187 |
| Four people | $seven,005 | $84,056 | $109,306 |
| Five people | $6,746 | $80,954 | $108,451 |
Data source: U.South. Agency of Labor Statistics (2021).
How do your average monthly expenses compare?
It's interesting to see what the typical American spending habits look like and compare them to your own. Possibly yous find that you spend like portions of your monthly income in each category, or your spending patterns could be completely different.
Neither on its own is a good or a bad matter. Nosotros all accept different things we value and different areas where we're willing to spend more money. If you're happy with your spending habits and you feel financially secure, that's what's important.
If you're non able to save as much money as you lot like, then it's a good idea to reevaluate your typical spending and your budget. Whether it's dining out, amusement, or something else, there could be an area where yous're spending more than than you lot realize and are able to cut dorsum.
Sources
- U.S. Bureau of Labor Statistics (2021). "2020 Consumer Expenditure Survey."
- U.S. Bureau of Labor Statistics (2021). "Consumer expenditures in 2022."
- U.Southward. Bureau of Labor Statistics (2021). "Table 1400. Size of consumer unit: Annual expenditure means, shares, standard errors, and coefficients of variation, Consumer
- Expenditure Surveys, 2022."
- United States Census Agency (2021). "Wellness Insurance Coverage in the United States: 2022."
Source: https://www.fool.com/the-ascent/research/average-monthly-expenses/
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