New York’s Staten Island — According to research, 64% of the $90,291 that consumers in the New York metropolitan area spent last year went toward housing, food, and transportation.
Housing was the biggest expense for NYC households, accounting for an average of $33,626 annually, or 37.2% of the region’s yearly family budget, according to data published by the U.S. Bureau of Labor Statistics. New York was in the top five metropolitan areas for this kind of spending out of the 22 that were measured, with San Francisco (38%), San Diego (37.9%), and Miami (37.4%) surpassing it.
According to the survey, disparities in expenditure between metropolitan areas could be due to a variety of factors, including variations in the cost of living. Divergent consumer preferences or changes in demographic traits like household size, age, or income levels can lead to disparities in spending.
At 14.2% of the average household budget, transportation was the second-highest expense in the New York area. Private vehicle purchases and maintenance accounted for 81.2% of New York’s $12,836 in yearly transportation expenses.
Food expenditures ranked third at 12.5%, with consumers spending $4,471 (39.6%) on food outside the home and $6,817 (60.4%) on meals at home.
However, New York’s expenditures were not the highest in the country. The 22 metropolitan areas in the country that were reported had average spending that varied from $110,886 in San Francisco to $71,378 in Miami. The average household spent $75,172 a year nationwide.
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