American Households Squeezed by High Costs As Incomes Fail to Keep Pace
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The average American household spends $6,081 per month or $72,967 per year on expenses like housing, transportation, food, and healthcare.
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For a family of 4, average monthly expenses range from $7,875 to $9,168, reflecting the higher costs of raising children.
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Single individuals have lower average expenses of $4,337 per month.
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The median annual US household income was $74,580 in 2022, a 2.3% decline from 2021.
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With high inflation, budgets are tight for many households barely making ends meet; tips include budgeting, reducing expenses, managing debt, building emergency funds, and exploring ways to increase income.