Average Household Budget 2019
Average annual household spending increased by a total of 4 8 while average income before taxes coming in at 73 573 declined by 1 5.
Average household budget 2019. In 2018 was 78 635 but average household expenditures added up to 61 224. America is one of the richest countries in the world and we have huge household budgets to prove it. Whether you are in a family of 2 4 or more average monthly expenses for any family is pricey. Bureau of labor statistics with the three largest household expenses housing transportation and food increasing between 5 3 and 7 3.
All data discussed here is from 2018 and was released sep. The numbers that follow in this article are based on the department of labor data unless another source is cited 2. If alarm bells aren t going off in your head yet they should be. The remaining 7 068 covers utilities and other household operational expenses and equipment.
It s important to note that this is the average for all households. This means that most americans are spending nearly 80 of their income. As you can see in the data table the average annual expenditures are 60k which means that the average family is spending more than they are earning. Examine the average monthly expenses of americans to see how your expenses compare with everyone else s.
According to the department of labor the average household spent about 1 674 per month on housing consuming the largest portion of the average monthly income of 6 553. If they have two children that family of four should set aside 1 000 every month. We can estimate the average household budget is even higher in 2020 due to inflation and our insatiable appetite for consumer. Whether you rent own or are looking to make a change being informed can help you properly budget for today s housing costs.
That s nearly 5k in the hole. This includes single person households to multi children families. If you were to add up all the spending the total expenditure is 60 060. A two person household looking for a moderate budget should plan to spend about 607 per month.
You can read more. According to the latest data by the bureau of labor statistics the average household budget is 60 060 for 2017 a 4 8 increase from 2016 levels. Average household spending increased in 10 of the 14 categories surveyed by the u s. But the average spending was 61 224.
That s an average of 10 080 for direct payments on rent or mortgage interest property taxes and insurance as well as any lodging costs on out of town trips. It also includes households across the country from areas with significantly different costs of living.
Projected Changes In The Distribution Of Household Income 2016 To 2021 Congressional Budget Office
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