Spending: How do you stack up?
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
Median household income (or $5,264 a month)
Average amount millennials have saved for retirement
Whether you rent, own or are looking to make a change, being informed can help you properly budget for today’s housing costs.
Average total monthly cost for housing, including property taxes (if applicable)
Median home price, as of June 2020
Average portion of total income spent on housing
Median down payment for homes nationwide, as of June 2020
Rents across the U.S. (for a two-bedroom apartment per month)
Median national rent per month in 2020
San Francisco, CA
New York, NY
Sources: Statista, Apartmentlist.com; 2020Scroll down to next section
Whether you use rideshare apps, public transportation or own a car, transportation costs are a key part of a monthly budget.
Average total monthly transportation spending (including car or public transportation, gas, insurance and other related expenses)
New car payment
Gasoline and fuel costs
Car insurance payment
Sources: Bureau of Labor Statistics, LendingTree.com, Money.com, NerdWallet.com
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 StatisticsScroll down to next section
Average monthly cost per child for full-time infant daycare in Mississippi, the least expensive state
Cost in Massachusetts, the most expensive state
Source: Economic Policy InstituteScroll down to next section
Other things we spend on each month, on average
Groceries and dining
Clothing and shoes
Cell phone bill
Gym membership fee
Sources: Quicken, The Simple Dollar, Bureau of Labor Statistics, Deloitte