The spending habits of San Diego households
The U.S. Bureau of Labor Statistics reported last week that households in the San Diego-Carlsbad metropolitan area spent an average of $79,672 per year in 2017-2018. This includes all major living expenses including housing, healthcare, food and transportation. In comparison, the national average spending amount was $60,580.
In general, San Diego-area households spent their money in ways that aligned with the rest of the nation with a couple of notable differences. Housing is the largest expense for residents in the region at $28,591 per year. This accounts of 35.9 percent of a San Diego household’s budget, compared to a U.S. average of 33 percent.
Residents of San Diego also tend to spend more on dining out. Nationwide, households spend 43.6 percent of their food budget on eating away from home. San Diegans spend 47.4 percent.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 3.75 percent and 15-year rates are near 3.25 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.Biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.