The Average American's Household Expenses Are $6,081 A Month Or $72,967 A Year — But The Median Annual Household Income Is Just $74,580 Something just doesn't seem right. Where are consumers finding money to spend, I see that credit card debts are at 1 trillion,, making that the highest in history...and most probably paying off credit card debts at an 18-24% APR With gdp recently showing strong results at 3.3% and consumer spending making up for 70% of gdp where oh where are they getting money to spend. Does the consumer ever get tapped out .... https://finance.yahoo.com/news/average-americans-household-expenses-6-180012555.html
If the answer is not in the report, then most likely the report is written by a newbie small kid. Give him time and he will improve his writing skills.
Average income is meangless. Median income is the one which tells you something useful as a comparison to others - the median income is the level with 50% of the population above and 50% of the population below.
$74,580 Highlights. Real median household income was $74,580 in 2022, a 2.3 percent decline from the 2021 estimate of $76,330 (Figure 1 and Table A-1).Sep 12, 2023
Same principle - comparing averages with medians is ignorant. Average and median incomes are readily available statistics, but I have never even seem median expenses expressed.
Comparing avg and medians for values depending on wealth in the US is meaningless indeed. An example of why: The skew is massive. The chart I managed to find with a 1 min search is for equity ownership, but charts for income and expenses would look quite similar. So the averages are pumped up whereas the median is way below. Also it's a useful reminder for Americans that roughly speaking, 1% of them own half of society, whereas the other half is owned by another 9% of them. Why the remaining 90% put up with this is beyond me.