Thursday, August 18, 2011

$1 in Every $10 Is Spent Here

For the average family, there are two items in the budget over which they have little control and which also account for a large share of household spending: gasoline and health care.  

In 2008, when gas prices climbed above $4 per gallon, the average household devoted more than 5 percent of its spending to fueling its cars. The figure fell back to 4 percent in 2009 as gas prices declined. Health care absorbs 6 percent of the household budget. Together, gasoline and health care control $1 of every $10 spent by the average household--and that's in a good year, without a spike in gas prices or a health care emergency.


Ronald Bourgeois said...

Hi Cheryl.

Curious what do you consider "Average Household" in respect to income level?


Cheryl Russell said...

Ron--according to the Consumer Expenditure Survey, households had an average income of $62,857 in 2009 (the latest data available), and they spent an average of $49,067.