House rich, cash poor? That pretty much sums up all of us living in New York and New Jersey, according to a report released a few days ago by the Labor Department.
Consumers in the region spent on average $23,154 a year, or almost 40 percent of their total budget, the department’s Bureau of Labor Statistics reported.
That’s considerably more than consumers nationwide, who spent 34.1 percent of their budget on housing.
Consumers in the region spent on average $23,154 a year, or almost 40 percent of their total budget, the department’s Bureau of Labor Statistics reported.
That’s considerably more than consumers nationwide, who spent 34.1 percent of their budget on housing.
The report looked at average annual spending in 2010 and 2011 for the region that includes both Monmouth and Ocean counties. It was a time of slow economic growth, possibly before the refinancing craze took hold.
What can we learn from the report?
*We spend more than the rest of the nation. Consumers here spent on average $58,172, compared with consumers nationwide, who spent on average $48,926.
*These are averages instead of medians, so the figures could be swayed by the region’s 1 percenters.
*We’re either fairly healthy or better insured. We spent 5.3 percent of our all expenditures on health care, compared with the U.S. average of 6.6 percent.
*We’re either smart or more heavily in debt. We spent 2.8 percent of our total expenditures on education, compared with the U.S. average of 2.2 percent.
*We’re better dressed. We spent 4.5 percent of our expenditures on apparel and services, compared with the U.S. average of 3.5 percent.
*We drink a lot. We spent $523 a year on alcohol, compared with the U.S. average of $440 a year. Although both figures represent .9 percent of our total expenditures.
*We don’t smoke as much. About .4 percent of our total spending went toward tobacco products and smoking supplies. (Smoking supplies? Like, pipes?) That’s lower than the U.S. average of .7 percent.
With more of our money going toward housing, what took a hit?
Surprisingly, it looks like entertainment. About 4.3 percent of our spending went to entertainment, compared with 5.2 percent nationwide.
What can we learn from the report?
*We spend more than the rest of the nation. Consumers here spent on average $58,172, compared with consumers nationwide, who spent on average $48,926.
*These are averages instead of medians, so the figures could be swayed by the region’s 1 percenters.
*We’re either fairly healthy or better insured. We spent 5.3 percent of our all expenditures on health care, compared with the U.S. average of 6.6 percent.
*We’re either smart or more heavily in debt. We spent 2.8 percent of our total expenditures on education, compared with the U.S. average of 2.2 percent.
*We’re better dressed. We spent 4.5 percent of our expenditures on apparel and services, compared with the U.S. average of 3.5 percent.
*We drink a lot. We spent $523 a year on alcohol, compared with the U.S. average of $440 a year. Although both figures represent .9 percent of our total expenditures.
*We don’t smoke as much. About .4 percent of our total spending went toward tobacco products and smoking supplies. (Smoking supplies? Like, pipes?) That’s lower than the U.S. average of .7 percent.
With more of our money going toward housing, what took a hit?
Surprisingly, it looks like entertainment. About 4.3 percent of our spending went to entertainment, compared with 5.2 percent nationwide.
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