While Americans dream of financial freedom, their reality shows housing costs devouring nearly a third of their budgets, a staggering fact that anchors the complex story of our national spending habits.
Key Takeaways
- In 2022, the average U.S. consumer unit spent $22,609 on housing, representing 31.0% of total expenditures
- In 2022, owned housing costs averaged $16,766 per consumer unit including mortgage interest and property taxes
- Renter households spent an average of $17,009 on rent in 2022, up 7.3% from 2021
- In 2022, average U.S. consumer unit spent $5,703 on food, representing 7.8% of total before-tax income
- Food at home expenditures averaged $4,082 in 2022, down from 2021
- Dining out (food away from home) cost $5,449 per household in 2022
- In 2022, average transportation spending was $12,295 per consumer unit, 16.8% of total
- Vehicle purchases averaged $9,765 in 2022
- Gasoline expenditure $2,912 per household in 2022
- Average healthcare spending per consumer unit $5,452 in 2022, 7.5% of total
- Health insurance premiums $4,323 average in 2022
- Physician services $452 per unit in 2022
- Entertainment spending averaged $3,351 per consumer unit in 2022, 4.6% total
- Fees and admissions $827 in 2022
- Televisions and audio equipment $436 average purchase in 2022
Housing remains Americans' largest expense category, followed by transportation, food, and healthcare.
Entertainment
- Entertainment spending averaged $3,351 per consumer unit in 2022, 4.6% total
- Fees and admissions $827 in 2022
- Televisions and audio equipment $436 average purchase in 2022
- Pets and supplies $1,747 per pet-owning household in 2022
- Toys and hobbies $388 in 2022
- Streaming services $636 annually average in 2023
- Movie theater tickets average $10.78 in 2023
- Gambling losses $242 per gambler in 2022
- Photographic equipment/services $100 in 2022
- Reading materials $132 average in 2022
- Sports equipment $217 in 2022
- Art supplies $17 per unit in 2022
- Bowling fees $29 average in 2022
- Dance fees $103 in 2022
- Music lessons $120 per student in 2022
- Country club dues $1,012 for members in 2022
- Parimutuel losses $48 in 2022
- Video game consoles $250 average spend in 2023
- Concert ticket average $94 in 2023
- National parks entry fees $35/vehicle, 325M visits in 2023 costing $1B+
Entertainment Interpretation
In a telling snapshot of American priorities, we spent nearly as much to keep our pets entertained ($1,747) as we did to entertain ourselves at movie theaters ($10.78 per ticket), all while happily forking over $636 for the privilege of watching from our $436 televisions.
Food
- In 2022, average U.S. consumer unit spent $5,703 on food, representing 7.8% of total before-tax income
- Food at home expenditures averaged $4,082 in 2022, down from 2021
- Dining out (food away from home) cost $5,449 per household in 2022
- Cereals and bakery products spending averaged $677 in 2022
- Alcoholic beverages expenditure was $597 per consumer unit in 2022
- Food CPI rose 9.9% in 2023, highest in decades
- Per capita food spending reached $3,971 in 2022
- Households spent 11.3% on food in 1960 vs 7.8% in 2022
- Low-income households (<$15k) spent 31.6% on food in 2022
- Urban consumers spent $6,112 on food in 2022
- Meats, poultry, fish averaged $1,025 in 2022 expenditures
- Nonalcoholic beverages cost $393 per unit in 2022
- Food prepared at home inflation 11.4% in 2022
- Restaurant meals expenditure up 10.2% YoY in 2023
- Fruits and vegetables spending $963 in 2022
- Dairy products averaged $452 per household in 2022
- Snacks expenditure $452 in 2022
- Grocery spending per trip $107 in 2023
- 35% of food spending on dining out in 2023
- Organic food sales $61.7B in 2022, up 12.4%
- Average check at quick-service restaurants $11.02 in 2023
- Per capita spending on beef $239 in 2022
- School lunch program costs $14.5B for 30M students in FY2023
Food Interpretation
While Americans are spending a smaller slice of their income on food overall, that "savings" is being devoured by the rising cost of both groceries and restaurant meals, leaving the poorest households spending nearly a third of their income just to eat.
Healthcare
- Average healthcare spending per consumer unit $5,452 in 2022, 7.5% of total
- Health insurance premiums $4,323 average in 2022
- Physician services $452 per unit in 2022
- Drugs expenditure $1,042 in 2022
- Hospital services $298 average in 2022
- National health expenditure $4.5T in 2022, 17.3% GDP
- Per capita health spending $12,914 in 2022
- Medicare spending $829B in 2022
- Dental services $452 per consumer unit in 2022
- Eyeglasses/contact lenses $150 in 2022
- Health CPI up 4.4% in 2023
- Out-of-pocket health spending $464B in 2022
- Elderly spent $8,927 on healthcare in 2022
- Prescription drugs average $1,216 per senior annually
- Private health insurance $1.3T in 2022
- Medical services inflation 3.8% YoY Q4 2023
- Paramedical services $102 in 2022
- Orthodontia spending $25 average in 2022
- Health department fees $14 per unit in 2022
- Average employee premium $8,435 family coverage 2023
- Medicaid spending $824B in 2022
- Home health care $118B in 2022
Healthcare Interpretation
It’s as if we’ve built a financial treadmill inside a hospital where we all run faster each year, paying thousands just for the privilege of staying on, while wondering how a system that costs this much can still leave us squinting and toothless.
Housing
- In 2022, the average U.S. consumer unit spent $22,609 on housing, representing 31.0% of total expenditures
- In 2022, owned housing costs averaged $16,766 per consumer unit including mortgage interest and property taxes
- Renter households spent an average of $17,009 on rent in 2022, up 7.3% from 2021
- Utilities expenditure averaged $4,562 per household in 2022, with electricity at $1,777
- In Q4 2023, housing services PCE increased 4.8% year-over-year
- Median monthly housing costs for homeowners with mortgage reached $2,025 in 2022
- Furnishings and equipment spending averaged $2,366 in 2022, with furniture at $686
- Property taxes averaged $2,317 per consumer unit in 2022
- In 2021-2022, Northeast households spent $26,452 on shelter, highest regionally
- Households earning $100k+ spent $30,124 on housing in 2022
- Elderly (65+) consumer units spent $14,892 on housing in 2022
- Single-parent households allocated 36.2% of budget to housing in 2022
- In 2023, average rent for a one-bedroom apartment was $1,499 nationwide
- Homeowners spent $1,984 on maintenance/repairs in 2022
- Gas and electricity bills averaged $3,210 annually per household in 2023
- Mortgage payments consumed 28% of income for median households in 2022
- Vacant housing unit expenses averaged $1,112 for utilities in 2022
- In urban areas, housing costs rose 5.2% in 2023
- College housing expenditure per student averaged $11,329 in 2022
- HOA fees averaged $345 monthly for 36% of homeowners in 2023
- Shelter CPI increased 5.9% in 2023
- Average square footage per housing unit was 2,014 sq ft in 2021, costing $150/sq ft
- Multi-family housing rents up 4.1% YoY in Q1 2024
- 15.3 million U.S. households spent over 30% of income on housing in 2022
- Telecom services for housing averaged $1,925 in 2022
- New single-family home median price $417,700 in 2023
- Renter-occupied units median rent $1,268/month in 2022
- Housing affordability index at 98.1 in 2023
- Average homeowner equity reached $319,000 in Q4 2023
Housing Interpretation
Americans are collectively paying a small fortune for the privilege of sleeping indoors, and the data shows we're all feeling the squeeze whether we're paying a mortgage, rent, or even just the electric bill to keep the lights on.
Transportation
- In 2022, average transportation spending was $12,295 per consumer unit, 16.8% of total
- Vehicle purchases averaged $9,765 in 2022
- Gasoline expenditure $2,912 per household in 2022
- Public transportation costs $287 in 2022
- Vehicle finance charges $1,081 average in 2022
- Average new vehicle price $48,759 in 2023
- Gas prices averaged $3.52/gallon in 2023
- Miles driven per capita 13,476 in 2022, costing $1,200 in fuel
- Airline fares $678 per consumer unit in 2022
- Car insurance premiums $1,913 average in 2023
- Maintenance/repairs $1,635 in 2022
- High-income households spent $18,442 on transport in 2022
- EVs sales 1.2M units in 2023, average price $55,763
- Ride-sharing expenditure $112 in 2022
- Bridge tolls $62 average annually in 2022
- Transportation PCE 3.1% growth in Q4 2023
- Average used car price $27,292 in 2023
- Parking fees $142 per unit in 2022
- Mass transit fares up 6.5% in 2023 CPI
- Delivery services transport cost $184 in 2022
- Ship fares $116 average in 2022
Transportation Interpretation
The American dream is now a four-wheeled, debt-financed subscription service that guzzles gas, demands insurance, and parks squarely in the middle of your budget, all while public transit waves from the cheap seats.
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