Dr. Glenn Mollette
The average monthly car payment for a new vehicle is $734 according to second-quarter 2024 Experian data — up 0.1% year after year. Used cars have an average monthly payment of $525, down 2.1%. Meanwhile, new lease payments average $586, a 2.3% decrease.
The average house payment is around $2700 per month.
The average rent payment is between $1300 and $1789 per month.
According to the Bureau of Labor Statistics data, the average single person can spend between $238.46 and $434.33 per month on groceries. Many factors will impact a given individual’s expenses, such as location and eating style.
The average family spends about $270 at the grocery store per week, but that number increases when children are taken into account. Families with kids spend an average of $331 a week on groceries or 41% more than families without kids. USA Today Jan. 20, 2024
The average cost of utilities in the U.S. is $500 to $600 per month or $6,000 to $7,200 per year, including electricity, gas, water, sewer, phone, internet, and streaming or cable TV services. Utility bills depend on your location, home and household size, individual utility usage, and your home’s efficiency. March 13, 2024 Home Guide
On average, Americans spend between $150 and $200 per month on gas. The amount spent on gas depends on a number of factors, including:
* State: Gas prices vary by state.
* Lifestyle: Factors such as driving habits can affect how much is spent on gas.
* Vehicle type: The type of vehicle a person drives can impact how much they spend on gas. For example, drivers of full-size SUVs pay more on gas than drivers of subcompact or compact cars. Carparts.com
· In 2023, the average cost of health insurance in the United States was $8,435 per year for single coverage and $23,968 per year for family coverage. This was a 7% increase from 2022. KFF, Oct 18, 2023
· The United States has one of the highest costs of healthcare in the world. In 2022, U.S. healthcare spending reached $4.5 trillion, which averages to $13,493 per person. By comparison, the average cost of healthcare per person in other wealthy countries is less than half as much.
· For children attending public school from kindergarten to 12th grade, parents can expect to spend a total of roughly $162,899.86 on their child’s education and related activities.Gradepowerlearning.com
Unfortunately, it takes money to pay the bills. Living a modest lifestyle requires a monthly intake of cash – a lot of cash.
You might survive for a while on a small income but as you can see from any of the items above that a modest income makes life a strain when it comes to paying the bills.
Many Americans are already working two jobs. The runaway cost-of-living in America has made it almost impossible for average people to keep their heads above water. Anything that you buy costs a fortune. The cost-of-living increase needs to come to a halt so that Americans can catch up. Until this happens millions of Americans will continue to experience financial strain.
