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Wednesday, November 14, 2018
Households in the New York-Newark-Jersey City, N.Y.-N.J.-Pa., metropolitan area spent an average of $67,782 per year in 2016–17, the U.S. Bureau of Labor Statistics reported today. Chief Regional Economist Martin Kohli noted that this figure was significantly higher than the $58,681 average expenditure level for households in the United States. New York-area households allocated their dollars significantly different from the nation in six of the eight major categories. For example, the share of expenditures for transportation, which accounted for 11.7 percent of the average household’s budget in the New York area, was significantly lower than the national average of 15.9 percent. (See chart 1 and table 1.)
Highlights of the New York area’s 2016–17 spending patterns:
Data in this release are from the Consumer Expenditure Survey (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, 2016 and 2017.
A household in the CE survey is defined as a consumer unit which includes families, single persons living alone or sharing a household with others but who are financially independent, or two or more persons living together who share expenses. The terms household or consumer unit are used interchangeably for convenience.
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 category, 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.
A value that is statistically different from another does not necessarily mean that the difference has economic or practical significance. Statistical significance is concerned with our ability to make confident statements about a universe based on a sample. A large difference between two values may not be statistically significant, while a small difference could be significant; both the sample size and the variation among the values in the sample affect the relative error of the estimates.
For additional technical and related information, see www.bls.gov/opub/hom/cex/home.htm. Data for the nation, the four geographic regions of the U.S., and 22 metropolitan areas nationwide are available at www.bls.gov/cex/tables.htm. Metropolitan definitions used in the survey are available at www.bls.gov/cex/ce_msa_201516.htm. The metropolitan area discussed in this release is New York-Newark-Jersey City, N.Y.-N.J.-Pa. Metropolitan Statistical Area which comprises Bronx, Dutchess, Kings, Nassau, New York, Orange, Putnam, Queens, Richmond, Rockland, Suffolk, and Westchester Counties in New York; Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex, and Union Counties in New Jersey; and Pike County in Pennsylvania. Metropolitan area news releases for the Consumer Expenditure Survey are available at www.bls.gov/regions/subjects/consumer-spending.htm
Information in this release will be made available to sensory impaired individuals upon request. Voice phone: 202-691-5200; Federal Relay Service: 800-877-8339.
Category | United States |
New York |
---|---|---|
Consumer unit characteristics: |
||
Income before taxes |
$74,118 | $88,313 |
Age of reference person |
50.9 | 52.2 |
Average number in consumer unit: |
||
People |
2.5 | 2.5 |
Children under 18 |
0.6 | 0.5 |
Adults 65 and over |
0.4 | 0.4 |
Earners |
1.3 | 1.3 |
Vehicles |
1.9 | 1.2 |
Percent homeowner |
63 | 49 |
Average annual expenditures |
$58,681 | $67,782* |
Percent distribution |
||
Total |
100.0 | 100.0 |
Food |
12.7 | 11.3* |
Alcoholic beverages |
0.9 | 0.7* |
Housing |
33.0 | 38.5* |
Apparel and services |
3.1 | 3.4 |
Transportation |
15.9 | 11.7* |
Healthcare |
8.1 | 6.9* |
Entertainment |
5.2 | 3.9* |
Personal care products and services |
1.3 | 1.2 |
Reading |
0.2 | 0.2 |
Education |
2.4 | 4.0* |
Tobacco products and smoking supplies |
0.6 | 0.4* |
Miscellaneous |
1.7 | 1.5 |
Cash contributions |
3.4 | 4.9 |
Personal insurance and pensions |
11.6 | 11.4 |
Note: An asterisk (*) represents a statistically significant difference from the U.S. average at the 95-percent confidence level. |
Area | Housing | Transportation | Food |
---|---|---|---|
United States |
33.0 | 15.9 | 12.7 |
Anchorage |
32.2 | 17.4 | 11.6 |
Atlanta |
33.7 | 18.9* | 10.7* |
Baltimore |
33.6 | 16.0 | 13.0 |
Boston |
39.0* | 11.4* | 11.1* |
Chicago |
35.1* | 12.7* | 13.5 |
Dallas-Fort Worth |
35.4* | 16.6 | 10.4* |
Denver |
33.8 | 16.0 | 12.0 |
Detroit |
31.2* | 17.3 | 12.3 |
Honolulu |
37.4* | 11.4* | 15.4* |
Houston |
32.4 | 18.2 | 13.6 |
Los Angeles |
36.3* | 14.5* | 13.0 |
Miami |
37.7* | 13.3* | 11.7 |
Minneapolis-St. Paul |
32.3 | 13.3* | 12.2 |
New York |
38.5* | 11.7* | 11.3* |
Philadelphia |
32.0 | 14.5 | 12.5 |
Phoenix |
31.4 | 16.1 | 11.0* |
San Diego |
35.9* | 13.3* | 12.5 |
San Francisco |
41.2* | 10.1* | 11.2* |
Seattle |
32.2 | 15.3 | 13.1 |
St. Louis |
32.3 | 16.0 | 11.7 |
Tampa |
35.2 | 17.1 | 12.9 |
Washington, D.C. |
36.4* | 13.4* | 11.5* |
Note: An asterisk (*) represents a statistically significant difference from the U.S. average at the 95-percent confidence level. |
Last Modified Date: Wednesday, November 14, 2018