Can You Get A Single Family Housing Repair Loan From Usda If You Already Have A 502 Direct Loan?
American Households' Average Monthly Expenses: $v,111
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The boilerplate monthly expenses for American households are $five,111, according to the nigh recent Consumer Expenditure Survey from the U.Southward. Bureau of Labor Statistics (BLS).
Where does all that money get? For the typical person, it covers quite a few dissimilar things from major costs like payments to their mortgage lender and groceries to smaller expenses like dress.
By peeking into the national average budget for all these categories, we can get a better idea of where people spend the most and how our own spending habits compare.
Primal findings
- The boilerplate household'southward monthly expenses are $5,111 ($61,334 per year).
- The average annual income afterwards taxes is $74,949.
- Housing is the largest average toll at $1,784 per month, making up 34.9% of typical spending.
- Americans spend $610 on nutrient per month, with near two-thirds beingness 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 calendar month.
- The boilerplate single person spends $329 more per twelvemonth than their have-home pay.
Average monthly expenses per household: $5,111
The average expenses per month for ane consumer unit in 2022 was $5,111. That ways the average 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 beneath are national averages.
Consumer spending in the United States had been steadily increasing, but 2022 was a departure from that trend, likely because of the COVID-nineteen pandemic. Average expenses decreased by two.vii% from 2022 to 2022.
You might be wondering what exactly counts as a consumer unit. The BLS defines a consumer unit of measurement every bit any of the following:
- Families
- Single persons living alone
- Unmarried persons sharing a household with others simply are financially contained
- Two or more people living together and sharing major expenses
For example, two parents and a kid would be one consumer unit. Three roommates would be three consumer units. The average consumer unit is 2.5 people.
Average annual income per household: $74,949
The boilerplate American household's annual income after taxes is $74,949. Average pre-taxation income is $84,352.
Based on the income and spending figures, Americans spend 82% of their income after taxes and take a savings rate of 18%. That's shut to the recommended savings rate of at least xx%.
While the corporeality you relieve is nigh important, where y'all put that money as well matters. The best choice is a high-yield savings account to maximize the involvement you earn.
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Where Americans spend their money
Hither'southward a full breakdown of the average spending by category:
| Item | Monthly price | Annual price | Percent of spending |
|---|---|---|---|
| Housing | $1,784 | $21,409 | 34.ix% |
| Transportation | $819 | $9,826 | 16.0% |
| Personal insurance and pensions | $604 | $seven,246 | 11.eight% |
| Healthcare | $431 | $5,177 | 8.4% |
| Groceries | $412 | $4,942 | eight.1% |
| Entertainment | $243 | $2,912 | 4.vii% |
| Restaurants and other meals away from home | $198 | $2,375 | 3.9% |
| Cash contributions | $190 | $2,283 | 3.7% |
| Wearing apparel and services | $120 | $1,434 | 2.3% |
| Education | $106 | $1,271 | ii.i% |
| Miscellaneous | $76 | $907 | i.5% |
| Personal care | $54 | $646 | 1.1% |
| Alcoholic beverages | $xl | $478 | 0.8% |
| Tobacco/smoking products | $26 | $315 | 0.five% |
| Reading | $ten | $114 | 0.2% |
| Total SPENDING | $5,111 | $61,334 |
Data source: U.Due south. Agency of Labor Statistics (2021).
A quick note about monthly spending
The BLS survey only calculates almanac spending, so nosotros divided those numbers by 12 to get the average household expenses per month. Because we rounded to the nearest dollar, there may be small discrepancies when comparison the monthly and annual numbers.
It's besides worth noting that not all of the typical expenses are monthly expenses. Some of these expenses are intermittent. For instance, most people aren't spending $196 per month on furniture and appliances. Just over the course of the year, the boilerplate is $two,346.
Boilerplate monthly spending on housing: $1,784 (34.ix%)
Housing is the biggest living expense in the national average budget past a wide margin, and it increased by iii.5% in 2022.
Of the $one,784 per month that Americans spend on housing, $1,050 of it goes towards housing payments. This fluctuates quite a bit depending on a person's living situation. Boilerplate housing costs tin be anywhere from under $one,000 to over $three,000 depending on the area. Housing size and whether a person has roommates as well have a large impact on how much they spend here.
Here's a more detailed look at the different expenses of home ownership and how much Americans spend on them:
| Housing expense | Average monthly spending | Average annual spending |
|---|---|---|
| Shelter | $1,050 | $12,604 |
| Utilities/fuels/public services | $347 | $4,158 |
| Piece of furniture/appliances | $196 | $2,346 |
| Household operations | $122 | $1,465 |
| Housekeeping supplies/laundry | $70 | $837 |
Data source: U.S. Bureau of Labor Statistics (2021).
Average monthly spending on transportation: $819 (16.0%)
Transportation is the second-largest monthly expenditure, just Americans accept been spending less on information technology. National average transportation spending decreased by viii.5% from 2022 to 2022.
Information technology's easy to miss just how much nosotros spend on transportation, because some of the bigger expenses are intermittent. Maintenance and repairs aren't necessary every calendar month, just they add upwardly to $879 per year. Well-nigh people don't purchase new vehicles oft, but when they practice, it's a major purchase. Depending on the payment schedule y'all choose, auto insurance could be a monthly expense or one that yous pay twice a yr.
| Transportation expense | Average monthly spending | Average almanac 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 |
Data source: U.South. Agency of Labor Statistics (2021).
Boilerplate monthly nutrient spending: $610 (12.0%)
Food spending includes groceries and food away from habitation, which is any nutrient that you pay someone else to prepare for you. It decreased past 10.iv% from 2022 to 2022.
In that location's one clear reason for that drop in food spending, and it probably won't come up equally a surprise because the circumstances in 2022: people seriously cut back on dining.
The boilerplate American spent over $1,000 less on food away from abode in 2022 ($2,375) than in 2022 ($iii,526). Overall, spending dropped past 32.6% in this category. Grocery spending, on the other hand, increased by half-dozen.4%. If you've seen your own supermarket spending increase, a grocery credit bill of fare could help y'all save on that.
| Food expense | Average monthly spending | Average annual spending |
|---|---|---|
| Groceries | $412 | $4,942 |
| Food abroad from home | $198 | $two,375 |
Data source: U.Due south. Bureau of Labor Statistics (2021).
Average monthly personal insurance and pension spending: $604 (11.eight%)
Personal insurance and pensions accounted for $604 in monthly spending. That was a slight (1.one%) increase from 2022.
To clarify, this category includes life insurance, personal liability insurance, accident insurance, and inability insurance. It doesn't include homeowners insurance or renters insurance, which are part of housing costs, or auto insurance, which is part of transportation.
Simply 6.7% of spending in this category goes towards personal insurance. The remaining 93.3% 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 | Boilerplate annual spending |
|---|---|---|
| Personal insurance | $41 | $486 |
| Pensions/Social Security | $563 | $six,760 |
Data source: U.S. Bureau of Labor Statistics (2021).
Average monthly healthcare spending: $431 (8.4%)
Despite the COVID-xix pandemic, healthcare spending didn't change much in 2022. It decreased past 0.3% from the previous year.
Just over lxx% of that spending went towards health insurance premiums, which cost an average of $306. That probably sounds low for health insurance. It'southward partly because many people pay less due to taxation credits, employer-paid premiums, Medicare, and Medicaid. In improver, 8.6% of Americans don't accept 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 | $14 | $170 |
Data source: U.S. Agency of Labor Statistics (2021).
Boilerplate monthly spending on entertainment: $243 (4.7%)
Americans spend 4.7% of their monthly budgets on entertainment. Spending in this category decreased by 5.8% in 2022.
The BLS fabricated some interesting decisions in what was and wasn't considered entertainment. As entertaining as pets can be, pet owners would probably argue that they deserve their own category. Avid readers may exist surprised to larn that reading doesn't fall nether entertainment (it has its own category instead).
| Entertainment expense | Average monthly spending | Average almanac spending |
|---|---|---|
| A/V equipment and services | $87 | $ane,049 |
| Pets | $58 | $690 |
| Other entertainment supplies, equipment, and services | $48 | $579 |
| Fees and admissions | $35 | $425 |
| Toys/hobbies | $fourteen | $170 |
Data source: U.S. Bureau of Labor Statistics (2021).
Average monthly spending on dress and services: $120 (2.3%)
Information technology's prophylactic to say that people weren't too concerned virtually dressing upwardly during the early days of the pandemic. Apparel spending plummeted in 2022, dropping by 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 | $six | $68 |
| Footwear | $26 | $314 |
| Other dress and services | $xv | $181 |
Data source: U.S. Agency of Labor Statistics (2021).
Average monthly expenses by household size
So far, we've looked at the average living expenses per consumer unit of measurement, which represents the average household. Only many households won't fit into the average.
If yous're a single person, you're probably interested in the average monthly expenses for 1 person. And those with larger families may want 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 than people. In fact, unmarried people spent $329 per year more than their later-tax income.
| Household size | Average monthly spending | Boilerplate almanac spending | Boilerplate income after taxes |
|---|---|---|---|
| One person | $3,241 | $38,895 | $38,566 |
| Two people | $five,271 | $63,254 | $78,108 |
| Iii people | $5,812 | $69,740 | $89,187 |
| Iv people | $vii,005 | $84,056 | $109,306 |
| Five people | $6,746 | $80,954 | $108,451 |
Data source: U.S. Agency of Labor Statistics (2021).
How practise your average monthly expenses compare?
It'south interesting to encounter what the typical American spending habits look like and compare them to your own. Maybe yous detect that y'all spend similar 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 thing. We all take different things we value and different areas where we're willing to spend more than coin. If you're happy with your spending habits and yous feel financially secure, that's what's important.
If yous're non able to save as much money as you similar, then it's a good idea to reevaluate your typical spending and your upkeep. Whether it's dining out, entertainment, or something else, there could be an area where you're spending more than than y'all realize and are able to cut back.
Sources
- U.S. Bureau of Labor Statistics (2021). "2020 Consumer Expenditure Survey."
- U.S. Bureau of Labor Statistics (2021). "Consumer expenditures in 2022."
- U.S. Agency 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 Bureau (2021). "Wellness Insurance Coverage in the United states of america: 2022."
Source: https://www.fool.com/the-ascent/research/average-monthly-expenses/
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