Spending: How do you stack up?

Life is pricey, no doubt. We all have expenses we face month in and month out: mortgage or rent, cable and internet service, the day care bill. So how might your expenses compare with everyone else’s? Here’s a snapshot of some of the ways Americans are spending their cash.

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Housing

$1,483
Average total monthly cost for housing, including property taxes if applicable
$57,710
Average down payment for homes nationwide in the first quarter of 2015
30.5%
Average portion of total income that a married couple spends on housing

Sources: U.S. Bureau of Labor Statistics, RealtyTrac

Median national rent in 2015: $1,380

San Francisco, CA
$3,346

Denver, CO
$1,955

Akron, OH
$1,093

Boston, MA
$2,247

Houston, TX
$1,577

Tampa, FL
$1,299

Source: Zillow; city numbers are from January 2016 and refer to all rental homes in the metro area

Transportation
$756: Total monthly transportation spending (including car or public transportation, gas, insurance and other related expenses)

$483: Average new car loan payment

$127: Expected monthly spending on gas per household in 2016

$93: Average monthly insurance cost for a midsize sedan

Sources: BLS, Edmunds, U.S. Energy Information Administration, AAA

$Gas Prices

Lowest
Arizona

Highest
Hawaii

Source: AAA as of February 29, 2016

Health care

2005
$907

61% increase

2015
$1,462

Average monthly workplace insurance premiums for family coverage

Source: Kaiser Family Foundation, numbers account for combined contribution of employer and worker

Child care
$402
Average monthly cost per child for full-time infant day care in Mississippi, the least expensive state

$1,422
Cost in Massachusetts, the most expensive state

Source: Child Care Aware America

Other things we spend on each month

$618
A “moderate” bill for a couple for food consumed at home

$248
Average contribution to charity

$227
Average amount Americans spend on entertainment

$99
Average cable bill

Source: USDA, Indiana University Center of Philanthropy, BLS, Leichtman Research

Want to rein in your spending or get a handle on money management? Learn more about the steps to better money habits (link: https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/steps-to-better-money-habits) and come up with a budget that works (link: https://bettermoneyhabits.bankofamerica.com/en/saving-budgeting/set-budget-stick-to-it).

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The material provided on this website is for informational use only and is not intended for financial 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 when making decisions regarding your financial or investment options.

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