Tuesday , 16 April 2024

And You Wonder Where Your Money Goes! Here’re the Costs of Living in the USA (+2K Views)

The median household income in the U.S. is $51,914, according to U.S. Census Bureau data. To find out just where that cash is going, we’ve trolled through the latest data in employment, transportation, and common consumer expenditures. [Here it is.]

The above is an introduction to this research by Mandi Woodruff (www.businessinsider.com) which is presented below by Lorimer Wilson, editor of www.munKNEE.com (Your Key to Making Money!) in an abbreviated and edited format (see original post here*), as follows: (This paragraph must be included in any article re-posting to avoid copyright infringement.)

Woodruff goes on to say that her research found that:

HOUSING: $181,500 is the median asking price for homes today (about $827.22/month with a 30-year fixed rate loan at today’s interest rates). Source: The National Association of Realtors

RENT: Between $865 and $1,008 per month. Rental rates continue to soar, with a 5.3 percent gain over 2011. Source: RealFacts via the L.A. Times/Trulia

MARRIAGE: The average couple spends $27,000 to tie the knot, which includes $1,121 for the wedding gown alone. Source: The Knot

DIVORCE: At a cool $20,000 it’s only slightly cheaper to end a marriage than start one. Source: Divorce Statistics

COLLEGE: $21,447/year at public universities. Students pay twice that ($42,224) for private education. Source: CollegeData.com

STUDENT LOANS: $22,000 (public universities) and $28,000 (private) in student loan debt. That’s a 20 percent increase over the last decade. Source: The Consumer Financial Protection Bureau

GROCERIES: The average household spends about $3,624 per year on food inside the home, according to the Bureau of Labor Statistic’ latest consumer data. A USDA estimate for June 2012 found a “moderate” estimate for a family of four is about $200 per month. Source: Bureau of Labor Statistics/USDA

CREDIT DEBT: $2,577.40 is on the average consumer’s credit cards. The figure hasn’t changed much since before the recession hit in 2007, when it was $2,530. Source: The Federal Reserve

GETTING AROUND: $7,677 is the average tally for transportation costs, $360 of which goes into our gas tanks each month. Source: Bureau of Labor Statistics

HEALTHCARE: $3,157 per year, according to the Bureau of Labor Statistics. A study by a public health group found a 22-year-old worker and his employer will spend about $4 million on health insurance over his lifetime. Source: Bureau of Labor Statistics/MPHProgamslist.com

RAISING A FAMILY: $234,900, which is the cost of raising one kid through the age of 17. Source: The U.S. Dept. of Agriculture

EATING OUT: $2,505 per year. Source: Bureau of Labor Statistics

RETIREMENT: Americans manage to save about $3,900 to IRAs per year for retirement. The latest estimates put employer-provided plan contributions at $1,600. Source: Fidelity

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