The average house payment in America today is $2,883 on a 30-year mortgage. The average payment on a fixed-year-rate mortgage is about $3,759. (January stats from businessfinder.com).
The average car payment in America is $732 a month for new cars and $532 a month for used cars. (Nerdwallet.com)
The average American household spends over $1,000 a month on groceries, according to a report on gitnux.org. A family of four may spend up to $1300 per month.
Nationwide, Americans spend an average of $429.33 per month on utilities. Hawaii has the highest monthly energy bill at $177.78 and Utah has the lowest at $80.87. California has the highest average monthly water bill at $77. Wisconsin and Vermont are tied for the lowest monthly water bills at $18. (Forbes.com)
A January 2023 statistic estimated Americans spend $150 to $200 a month on gasoline. (JDPower.com). This is hard to know because prices are always changing. Regions of the country have to drive more than others, but we all know that we spend a lot of money to fuel our automobiles.
Electric car costs are adding $100 to $200 a month to the average electric bill, according to information on Quora.com.
The average national monthly health insurance cost for one person on an Affordable Care Act plan without premium tax credits in 2024 is $477. (Healthmarkets.com)
Of course, to obtain an average, some Americans are paying more and some are paying less.
The bottom line is that regardless of who you are, you have financial stress in your life to some degree. According to Lendingtree.com, the average American credit card debt in the last quarter of 2023 was $6,864. Therefore, if you are also carrying a big credit card debt, then financial pressure is weighing heavily on you.
It’s difficult to dodge all the above except for creating credit card debt. Typically, we only use a credit card when we don’t have the money. Most Americans today are using debit cards to some degree. It’s not a bad thing to have a credit card. There are some upsides to it but the downside is when you put more on the card than what you can pay for within the due date cycle.
The cost of life’s basics, such as housing, food, utilities and a car, is making life for most Americans stressful, to say the least. The answer may lie in downsizing—living in cheaper housing, driving a cheaper car, freezing more in the winter and being warm in the summer to save a few dollars.
Many Americans are trying to stay above water by working more or depending on two incomes. More than half of America’s households are dual income, according to magnifymoney.com
The point is to be aware that you are not alone in the pressure you are feeling. Be aware that your neighbor next door, the other drivers on the highway and your fellow workers at the job are all experiencing some of what you are feeling. We should all be aware and try to respect and understand each other a little more.
Dr. Glenn Mollette is a graduate of numerous schools, including Georgetown College and Southern and Lexington seminaries in Kentucky. His column is published weekly in over 600 publications in all 50 states. Find books by Dr. Glenn Mollette at amazon.com. Learn more about his books, columns and music at glennmollette.com.