Quick Peek:
Get ready to be shocked by the average household budget statistics! According to a survey by the Bureau of Labor Statistics, the average household earned $87,432 before taxes in 2021. But wait, there’s more! More than three-quarters of this income was spent on living expenses, with housing, transportation, and food being the biggest culprits. These three expenses alone accounted for more than half of the total expenditure. Healthcare, entertainment, and clothing expenses were also significant, but not as significant as the top three. It’s time to start budgeting, folks!
Key Household Budget Statistics
According to a recent survey by the Bureau of Labor Statistics, the average household earned $87,432 before taxes in 2021. Out of this income, they spent $66,928 on various expenses. This means that slightly more than three-quarters of people’s income in 2021 was devoted to living expenses.
Significant Expenditures
The survey revealed that the most significant expenses for households were housing, transportation, and food. Housing expenses alone accounted for almost a third of the total expenditure, with an average of $20,091 spent per household. Transportation expenses followed closely, with an average of $10,742 spent per household. Food expenses were also a significant expense, with an average of $7,849 spent per household.
Other Expenses
Apart from housing, transportation, and food, households also spent money on other expenses such as healthcare, entertainment, and clothing. Healthcare expenses accounted for an average of $5,640 per household, while entertainment expenses accounted for an average of $3,203 per household. Clothing expenses were the least significant, with an average of $1,803 spent per household.
Conclusion
In conclusion, the average household spent a significant amount of their income on living expenses in 2021. Housing, transportation, and food were the most significant expenses, accounting for more than half of the total expenditure. While healthcare, entertainment, and clothing expenses were also significant, they were not as significant as the top three expenses. As individuals, it is important to keep track of our expenses and ensure that we are spending within our means.
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