Oct 17. 2017.
The biggest cut from your pay check. US annual cost of housing, 2016.
US households spend one-third of their paycheck on housing, and the biggest expenses are mortgage, utilities, interest & property tax–in that order.
On an average, a US household spends $1574 on housing every month. This includes everything one needs to live in house: from mortgage to furniture to phone bills. The biggest part–almost two-third–of this bill is paying for the loan taken on the mortgage. The next big expenses are paying for utilities, which includes electricity, water, sewerage, etc.
Taking the average of all housing across US, two-third of the dwelling expenses are related to owning a home & one-third for rents. This is consistent with the fact that average US home ownership is about 63%.
A monthly property tax of $164, mortgage interest of $241, and insurance plus maintenance expenses of $120 make owning a house less appealing. In shared dwellings, charges of home owner’s associations further discourage young families to own their own homes.
This data also shows that on an average, a US household spends almost $240 a month on phone, internet and related cable connections.
Although US annual cost of housing varies significantly across the country, this chart is a good benchmark to compare your numbers against the average expenses for 125 million households during 2016.
Source: www.bls.gov: Consumer expenditure survey (data in .pdf format, .xlsx format) Oct 12th, 2017.
Disclaimer: Written with heavy dose of coffee :). Let Amazon pay for my coffee, make your next Amazon purchase by going through the links here (Amazon pays small fraction of any purchase you make through this page within 24 hours).
Previous charts-of-the-day:
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Oct 16, 2017 – US annual household expenses, 2016
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Oct 05, 2017 – Employment rate participation – 1990-2010 & projected 2020
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Sep 05, 2017 – no chart
Sep 04, 2017 – US productivity change (percent, non-farm businesses, by year, 2000-2016)
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Aug 20, 2017 – Construction productivity vs other industries (The Economist)
Aug 19, 2017 – no chart
Aug 18, 2017 – no chart
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