Fifty years ago, the average American household spent more on clothing than health care, and putting food on the table cost about as much as keeping a roof overhead. Since then, technological advances, globalization and housing shortages have radically reshaped how Americans spend their dollars.
A line chart showing what share of household spending has gone to different categories since 1972. Food, housing, and transportation accounted for nearly the same share of spending in 1972, but the share going to housing has been rising while the share going to food has been shrinking.Note: Housing costs include rent, payments towards mortgage principal, mortgage interests and charges, property taxes, maintenance and insurance.
“Every aspect of has way outpaced inflation, from labor costs to land costs, which goes back to zoning, to building costs, which go back to building codes,” says Goodman. While interest rates are high now, they’ve generally been low since 2000. That’s benefited homeowners, who can lock in a rate when they purchase or refinance to lower rates. Renters, on the other hand, areFood has had the opposite trajectory since 1972. It’s gone from 20 percent of household spending to 14 percent over the past half-century, mostly in lower grocery bills. Much of that drop comes from higher efficiency farming.
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