Skip to main content

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 $5,899 a month)


Median retirement account balance

Sources: U.S. Census Bureau, Federal Reserve Board

Scroll down to next section


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, 2022


Average portion of total income spent on housing


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)



National average monthly rent in 2022

San Francisco, CA


New York, NY


Boston, MA


Denver, CO


Charlotte, NC


Houston, TX


Sources: Statista 2022,; 2023

Scroll 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,,

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.

Close text version

2018 $414 per month

2021 $454 per month

9.6% increase

Source: Bureau of Labor Statistics

Scroll down to next section

Child care



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 Institute

Scroll down to next section

Other things we spend on each month, on average


Groceries and dining


Subscription services


Clothing and shoes


Cell phone bill


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.

Close Disclaimer

The material provided on this website is for informational use only and is not intended for financial or investment advice. Bank of America Corporation and/or its affiliates 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 management. ©2024 Bank of America Corporation.

Up Next

Contact Us

We're here to help. Reach out by visiting our
Contact page
or schedule an appointment today.