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Friday, October 25, 2024
Households in the Minneapolis-St. Paul-Bloomington, MN-WI, metropolitan area, spent an average of $91,496 per year in 2022–23, the U.S. Bureau of Labor Statistics reported today. Regional Commissioner Jason Palmer noted that food, housing, and transportation expenditures together accounted for 58.2 percent of the area’s household budget. (See chart 1 and table 1.) Nationally, these three components accounted for 62.9 percent of household spending.
Average expenditures among the 22 published metropolitan areas nationwide ranged from $110,886 in San Francisco to $71,378 in Miami. Nationally, the average annual household expenditure was $75,172.
Personal insurance and pensions: Minneapolis-area households spent 13.6 percent, or $12,451, of their budget on personal insurance and pensions. The national average was 12.2 percent, or $9,150. Among the 22 metropolitan areas, personal insurance and pension expenditure shares ranged from 15.2 percent in Seattle to 9.8 percent in Houston.
Data in this release are from the Consumer Expenditure Surveys (CE), which the U.S. Census Bureau conducts for the U.S. Bureau of Labor Statistics. The data in this release were averaged over a 2-year period. Data for the nation, the four geographic regions of the United States, and 22 metropolitan areas nationwide are available via published tables. The CE provides a glossary of terms for reader convenience. Technical and related information are available in the Consumer Expenditures and Income Handbook of Methods.
The Minneapolis-St. Paul-Bloomington, MN-WI Metropolitan Statistical Area, comprises Anoka, Carver, Chisago, Dakota, Hennepin, Isanti, Le Sueur, Mille Lacs, Ramsey, Scott, Sherburne, Sibley, Washington, and Wright Counties in Minnesota and Pierce and St. Croix Counties in Wisconsin. MSA definitions and details for areas referenced in this release are available online.
Differences in spending among metropolitan areas may reflect differences in the cost of living, but they also may reflect other causes. Spending differences may result from different consumer preferences or variations in demographic characteristics, such as household size, age, or income levels. However, expenditure shares, or the percentage of a household’s budget spent on a particular component, can be used to compare spending patterns across areas. Sample sizes for the metropolitan areas are much smaller than for the nation, so the U.S. estimates and year-to-year changes are more reliable than those for the metropolitan areas. Users should also keep in mind that prices for many goods and services have changed since the survey was conducted.
Other metropolitan area news releases for the Consumer Expenditure Survey are available online.
Information in this release will be made available to individuals with sensory impairments upon request. Voice phone: (202) 691-5200; Telecommunications Relay Service: 7-1-1.
Category | United States |
Minneapolis-St. Paul |
---|---|---|
Consumer unit characteristics: |
||
Income before taxes ($) |
97,911 | 118,936 |
Age of reference person (years) |
52.1 | 49.8 |
Average number in consumer unit: |
||
People |
2.5 | 2.4 |
Children under 18 |
0.6 | 0.5 |
Adults 65 and over |
0.4 | 0.4 |
Earners |
1.3 | 1.4 |
Vehicles |
1.9 | 2.1 |
Percent homeowner |
65 | 70 |
Average annual expenditures ($) |
75,172 | 91,496 |
Percent distribution |
||
Total |
100.0 | 100.0 |
Food |
12.9 | 11.7 |
Alcoholic beverages |
0.8 | 1.3 |
Housing |
33.1 | 31.5 |
Apparel and services |
2.7 | 2.5 |
Transportation |
16.9 | 15.0 |
Healthcare |
8.0 | 7.9 |
Entertainment |
4.7 | 5.5 |
Personal care products and services |
1.2 | 1.4 |
Reading |
0.2 | 0.3 |
Education |
2.0 | 4.1 |
Tobacco products and smoking supplies |
0.5 | 0.4 |
Miscellaneous |
1.5 | 1.3 |
Cash contributions |
3.4 | 3.4 |
Personal insurance and pensions |
12.2 | 13.6 |
Area | Housing | Transportation | Food |
---|---|---|---|
United States |
33.1 | 16.9 | 12.9 |
Anchorage |
33.3 | 18.2 | 13.7 |
Atlanta |
33.5 | 16.5 | 12.7 |
Baltimore |
32.4 | 16.5 | 12.9 |
Boston |
34.5 | 13.4 | 13.0 |
Chicago |
34.1 | 13.4 | 13.6 |
Dallas-Fort Worth |
35.4 | 16.0 | 12.4 |
Denver |
35.5 | 16.2 | 11.3 |
Detroit |
31.5 | 19.4 | 12.3 |
Honolulu |
36.1 | 14.4 | 16.6 |
Houston |
32.9 | 20.2 | 10.3 |
Los Angeles |
36.6 | 16.5 | 13.6 |
Miami |
37.4 | 20.2 | 11.5 |
Minneapolis-St. Paul |
31.5 | 15.0 | 11.7 |
New York |
37.2 | 14.2 | 12.5 |
Philadelphia |
33.2 | 13.9 | 14.0 |
Phoenix |
30.8 | 17.3 | 9.8 |
San Diego |
37.9 | 15.7 | 12.7 |
San Francisco |
38.0 | 14.4 | 12.8 |
Seattle |
34.6 | 13.2 | 12.6 |
St. Louis |
30.5 | 16.5 | 14.0 |
Tampa |
34.7 | 18.2 | 11.4 |
Washington, DC |
33.6 | 14.4 | 11.8 |
Last Modified Date: Friday, October 25, 2024