Spending: How do you stack up?
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Life is pricey, no doubt. We all live different lives with different responsibilities, interests, spending and saving habits. And now, more than ever, we’re thinking about our savings and spending. So how might your expenses compare with everyone else’s? Here’s a snapshot of some of the ways Americans are spending their cash.
Income and savings
$70,784 dollars
Median household income (or $5,899 dollars a month)
$65,000 dollars
Median retirement account balance
Sources: U.S. Census Bureau, Federal Reserve Board
Housing
Whether you rent, own or are looking to make a change, being informed can help you properly budget for today’s housing costs.
$1,885 dollars
Average total monthly cost for housing, including property taxes (if applicable)
$386,400 dollars
Median home price, 2022
34.8%
Average portion of total income spent on housing
13%
Median down payment for homes, 2022
Sources: Bureau of Labor Statistics, National Association of Realtors
Rents across the U.S. (for a two-bedroom apartment per month)
$1,320 dollars
National average monthly rent in 2022
Sources: Statista 2022, Apartmentlist.com; 2023
Scroll down to next sectionTransportation
Whether you use rideshare apps, public transportation or own a car, transportation costs are a key part of a monthly budget.
$813 dollars
Average total monthly transportation spending (including car or public transportation, gas, insurance and other related expenses)
$550 dollars
New car payment
$176 dollars
Gasoline and fuel costs
$119 dollars
Car insurance payment
Sources: Bureau of Labor Statistics, LendingTree.com, NerdWallet.com
Health care
From unfortunate surprises to regular expected costs, taking care of ourselves and our loved ones can really add up. Proper financial planning for your family can make a huge difference in preparing for the rising monthly cost of health care.
Source: Bureau of Labor Statistics
Scroll down to next sectionChild care
$453 dollars
Average monthly cost per child for full-time infant daycare in Mississippi, the least expensive state
$1,743 dollars
Cost in Massachusetts, the most expensive state
Source: Economic Policy Institute
Scroll down to next sectionOther things we spend on each month, on average
$660 dollars
Groceries and dining
$220 dollars
Subscription services
$155 dollars
Clothing and shoes
$94 dollars
Cell phone bill
$58 dollars
Gym membership fee
Sources: Quicken, The Simple Dollar, Bureau of Labor Statistics, Deloitte
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