New York metropolitan area spends more than national average
A recent news release from the U.S. Bureau of Labor Statistics (BLS) details the annual consumer spending in the New York area for the 2017-2018 year.
The BLS reported that households in the New York, Newark and Jersey City metropolitan area spent an average of $70,875 per year in 2017-2018, according to the release.
This figure was significantly higher than the $60,580 average expenditure level for households in the overall United States, said Chief Regional Economist Martin Kohli, according to the release.
Of the 22 metropolitan areas nationwide with available data, 9 areas, including New York, had a significantly higher housing expenditure than the national average, according to the release.
Housing is the largest expenditure category for New York-area households, averaging $27,626. Housing made up 39% of the total share, which is higher than the 33% U.S. average, according to the release.
Transportation averaged $8,494 and made up 12% of the total share, which is significantly lower than the national average of 16%, according to the release.
Of the average expenditures for annual transportation, 78.6% was spent buying, operating and maintaining private vehicles, compared to the national average of 92.1%, according to the release.
Food averaged $8,706 and made up 12.3% of the total share, according to the release.
New York-area households spent 55.4% of its total expenditures on food at home, and 44.6% on food outside from home, according to the release.
This data is from the Consumer Expenditure Surveys (CE). The U.S. Census Bureau conducts this survey for the U.S. BLS, according to the release.
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