4/7/2023 0 Comments Dekalb county smart search![]() ![]() Transportation costs are often the second-largest cost for most people. Health care, childcare, education, transportation and utilities are additional necessities that combine to create the overall cost of living for the average individual or family. Housing, food and lifestyle expenses are merely the tip of the iceberg when it comes to the true cost of living. This category of expenses could include clothing, entertainment and personal care such as haircuts and more. ![]() Lifestyle plays a significant role in cost of living expenses and includes the cost of items above and beyond necessities such as food and housing. But depending on their income, American consumers may spend anywhere from 10.9 percent to 15.8 percent of their annual income on this category. In 2021, American households spent an average of $8,289 on food, or 10 percent of their budget, according to the Consumer Expenditure Survey. It is the third-largest expense category for consumers, behind housing and transportation respectively. Similar to housing, food is a basic need. Depending on income level, some consumers spend significantly more than that. ![]() The 2021 Consumer Expenditure Survey published by the Bureau of Labor Statistics found that housing expenses accounted for 26 percent of average budgets, or about $22,624 annually. This expense may be a mortgage or rent, and it is typically the single biggest expense for consumers. Housing is considered a necessity, an essential cost of living that cannot be avoided. What’s includedĬost of living calculations are based on various key necessities and expenses. The CPI does not, however, include costs associated with income taxes or money consumers spend on investments like stocks, bonds or life insurance. It also includes such consumer expenses as water and sewer service fees and sales and excise taxes. This index measures changes in prices for goods and services purchased by urban households. Bureau of Labor Statistics publishes the widely referenced Consumer Price Index, or CPI.
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