Yes.
Transportation expenditures are the second-highest expense for households nationwide, trailing only what they spend on housing, according to the Bureau of Labor Statistics.
In 2023 average overall household spending was $77,280, an almost 6% increase from 2022. Of those expenses, housing costs accounted for nearly 33%, around $25,436, while transportation accounted for 17%, about $13,174. Food expenses followed at about 13% of total expenses, at almost $10,000.
Households spent an average of $12,300 on transportation in 2022, with increases attributed to greater spending on public transportation and an increase in vehicle purchases. Money spent on gasoline decreased 44% between 2022 and 2023.
Denver metro area households spent an average of $94,236 per year in 2022 and 2023. During the same period, they spent about $15,300 annually on transportation costs, the vast majority on purchasing and maintaining private vehicles. Housing, transportation and food accounted for 63% of household spending.
See full source list below.
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References:
Consumer Expenditures–2023, Bureau of Labor Statistics, Sept. 25, 2024. Source link.
Consumer Expenditures for the Denver Metropolitan Area–2022-23, Bureau of Labor Statistics, Oct. 28, 2024. Source link.
Type of Story: Fact-Check
Checks a specific statement or set of statements asserted as fact.
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