Households in the big apple are spending more than the national average.
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Americans living in the New York metropolitan area -- which includes New York City, New York state, New Jersey and parts of Connecticut, spent an average of $70,875 between 2017 and 2018, the latest figure available the Bureau of Labor statistics. To compare, the national average spend by U.S. households is $60,580.
Housing costs for New Yorkers and those living in the surrounding areas accounted for 39 percent of the area’s household budget -- significantly higher than the 33 percent U.S. average.
The findings are not surprising, considering the cost of living in New York state is 22 percent higher than the average cost of living nationwide, according to Moneywise.com. And that’s even affordable compared living in surrounding boroughs like Brooklyn, which is 82 percent above the national average, and Manhattan, which is a whopping 138.6 percent above average, according to the same report.
Subway-riding New Yorkers seem to have saved on transportation costs, however, spending just 12 percent of their budget, compared to the national average of 16 percent. And household spending on food was 12.3 percent, on par with the national average at 12.9 percent.
For homeowners looking to save money, the Mount Rushmore state seems to be the best bet. South Dakota was ranked the No. 1 state in the U.S. for saving money, according to a study from CreditCards.com. Montana came in at No. 2, followed by Wisconsin, Maine and Vermont.