Housing, Meals and Transportation Expenditures Accounted for 60.9% of Boston Space’s Common Family Finances
Households within the Larger Boston space spent a mean of $101,247 per yr throughout 2022 and 2023, the U.S. Bureau of Labor Statistics reported Thursday, a 3rd increased than the nationwide common annual family expenditure of $75,172.
At a time of normal speak on Beacon Hill of the unfavorable penalties of Massachusetts’ excessive price of residing, the new data from BLS sheds mild on a few of the drivers of financial unease and the issues attracting Bay Staters to maneuver elsewhere. BLS reported common annual family expenditures for 22 areas, starting from a excessive of $110,886 in San Francisco to a low of $71,378 in Miami.
Housing, meals and transportation expenditures collectively accounted for 60.9 p.c of the Boston space’s common family price range, BLS mentioned, with housing alone consuming up 34.5 p.c of family budgets, in comparison with the U.S. common of 33.1 p.c.
Households within the Larger Boston space spent much less of their annual budgets, 13.4 p.c, on transportation than the nationwide common of 16.9 p.c. About 85 p.c of Boston-area households’ transportation spending was to purchase and preserve personal autos, lower than the nationwide common of 92.3 p.c.
And family spending on meals was primarily in keeping with the nationwide common right here, registering at 13 p.c, in comparison with the nationwide common of 12.9 p.c. Boston-area households spent $7,454, or 56.7 p.c of their meals {dollars}, on meals at residence, BLS mentioned. The common Boston-area family spent 1 p.c of its annual price range on alcoholic drinks, simply above the nationwide common of 0.8 p.c.
The BLS information launched Thursday covers the “Boston-Cambridge-Newton, MA-NH Metropolitan Statistical Space,” which contains Essex, Middlesex, Norfolk, Plymouth and Suffolk counties in Massachusetts in addition to and Rockingham and Strafford counties in New Hampshire.
