What Americans pay to heat and cool their homes depends on where they live, as energy costs in the U.S. Telephone services (including cellphone service): $1,441. Included are costs of heating and cooling, as well as internet and cellphone service. Utilities accounted for about 19 percent of housing-related expenses, and Americans have paid more each consecutive year, rising to an average $4,158 in 2020 from $3,737 in 2013. Maintenance, repairs and insurance: $2,158.Housing-related expenditures for homeowners included an average of $7,473 a year for things like taxes, interest and maintenance: Housing expenses increased 3.5 percent overall in 2020 over the previous year, according to the BLS survey, with the average household spending $21,409 a year for housing, including rent or mortgage payments, utilities, furnishings, and laundry and cleaning supplies. *Due to rounding, percentages do not add up to 100%. Personal insurance, and Social Security and retirement plan contributions Another big spending category was food, to which 10 percent was devoted. The largest expenditures were housing and transportation, which comprised 29 percent and 13 percent of the average budget, respectively. Based on the data, about $5,854 a month went toward bills and other expenses. The average household earned $84,352 a year and spent $70,258 a year, according to the BLS survey. The most recent data available is from 2020. Bureau of Labor Statistics (BLS) lists the average amount spent on everything from housing and transportation to entertainment, clothing and charitable contributions. The Consumer Expenditure Survey published by the U.S. You can take stock of how your own budget compares by looking at the average American household budget. Other items commonly found in household budgets include education, child care, health care, retirement savings and entertainment. Many Americans spend a pretty penny each month to keep a roof over their heads, food on the table and a means of transportation. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.īankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. Editorial Independenceīankrate’s editorial team writes on behalf of YOU – the reader. Our editorial team does not receive direct compensation from our advertisers. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. What to do when you lose your 401(k) matchīankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Should you accept an early retirement offer? How much should you contribute to your 401(k)?
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