What expenditure does the average American spend the most on?

What expenditure does the average American spend the most on?

Average Cost of Housing Housing is the most significant annual expenditure, with Americans spending an average of $20,679 on it in 2019. Spending on housing increased by 2.9% from 2018 to 2019. Housing costs include rent or mortgage payments, home insurance, utility bills and any property taxes.

What do American consumers spend most of their money on?

American consumers spend most of their annual budget on housing ($10,080 per year), transportation ($9,004 per year), taxes ($7,432), utilities ($7,068), food ($6,602), and social security/personal insurance/pensions ($5,528).

What do people in the US spend their money on?

1 What Americans buy with all of that consumption is divided into two major categories: First, there’s non-discretionary spending on necessities such as food, medicine, housing, and clothing. Second, there’s discretionary spending, which includes all non-essential goods and services.

How much money does the average person have in their bank account?

According to data from the 2016 Federal Reserve Survey of Consumer Finances, the median checking account balance for U.S. households was $3,400, while the average balance was $10,545. The average figure was much higher than the median due to the presence of some extremely high-income households in the survey.

What is the most purchased item in America?

Consumer Staples

  • Food at home: $4,464.
  • Food away from home: $3,459.
  • Apparel and services: $1,866.
  • Vehicle purchases: $3,975.
  • Gasoline, other fuels: $2,109.
  • Personal care products and services: $768.
  • Entertainment: $3,226.

Where does America spend its money?

Nearly 60 percent of mandatory spending in 2019 was for Social Security and other income support programs (figure 3). Most of the remainder paid for the two major government health programs, Medicare and Medicaid.

What do Americans really spend their money on?

Americans spend most of their money on three things: housing, food, and transportation.

How much money does the average American spend per day?

To do so, it analyzed 2017 data from the Bureau of Labor Statistics in 15 categories covering both essential and discretionary spending. And, it concluded that overall, the average American spends $164.55 a day.

How much money average Americans make?

Here’s How Much the Average American Earns and Owes Now Credit reporting company Experian estimates that the average household income in the United States was $79,834 in 2019. The good news is that this is up from $77,762 in 2018, a gain of $2,072 (2.7%). Load Error

How much money does the average American spend on soda?

This is far more than other non-alcoholic beverages. By comparison, Americans spent a total of $11 billion on bottled water, and roughly the same on coffee. According to Time magazine, the average household spends about $850 per year on soda alone.