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
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)
$1,468
Median national rent per month in 2020
Sources: Statista, Apartmentlist.com; 2020
TransportationTransportation
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 careChild care
$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 averageOther 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
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