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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

$63,179

Median household income (or $5,264 a month)

$23,000

Average amount millennials have saved for retirement

Sources: U.S. Census Bureau, 2018; Transamerica

Housing

Housing

Whether you rent, own or are looking to make a change, being informed can help you properly budget for today’s housing costs.

$1,709

Average total monthly cost for housing, including property taxes (if applicable)

$295,300

Median home price, as of June 2020

34.62%

Average portion of total income spent on housing

$59,060

Median down payment for homes nationwide, as of June 2020

Sources: Bureau of Labor Statistics, NBC News, National Association of Realtors

Rents across the U.S. (for a two-bedroom apartment per month)

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$1,468

Median national rent per month in 2020

San Francisco, CA

$3,001

New York, NY

$2,494

Boston, MA

$2,096

Denver, CO

$1,344

Charlotte, NC

$1,141

Houston, TX

$1,023

Sources: Statista, Apartmentlist.com; 2020

Transportation

Transportation

Whether you use rideshare apps, public transportation or own a car, transportation costs are a key part of a monthly budget.

$813

Average total monthly transportation spending (including car or public transportation, gas, insurance and other related expenses)

$550

New car payment

$333

Ridesharing services

$176

Gasoline and fuel costs

$119

Car insurance payment

Sources: Bureau of Labor Statistics, LendingTree.com, Money.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

Child care

Child care

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$453

Average monthly cost per child for full-time infant daycare in Mississippi, the least expensive state

$1,743

Cost in Massachusetts, the most expensive state

Source: Economic Policy Institute

Other things we spend on each month, on average

Other things we spend on each month, on average

$660

Groceries and dining

$237

Subscription services

$155

Clothing and shoes

$94

Cell phone bill

$58

Gym membership fee

Sources: Quicken, The Simple Dollar, Bureau of Labor Statistics, Deloitte

Want to rein in your spending or get a handle on money management? Learn more about the steps to better money habits and come up with a budget that works.

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The material provided on this website is for informational use only and is not intended for financial, tax or investment advice. Bank of America and/or its affiliates, and Khan Academy, assume no liability for any loss or damage resulting from one’s reliance on the material provided. Please also note that such material is not updated regularly and that some of the information may not therefore be current. Consult with your own financial professional and tax advisor when making decisions regarding your financial situation.

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