Rich people reveal how much they spend on ‘necessities’


Well, this is rich.

Data released Thursday from GoBankingRates.comlooked at how much people spend on must-have items like groceries, mortgage/rent, car payments and household necessities — and perhaps the most striking part of the data is that the affluent don’t spend nearly as much as you might think.

Indeed, people who have a household income of more than $150,000 — which puts them in roughly the top 10 percent of earners in the U.S. — only spend about 10 percent more on these things than do those who make $50,000 – $74,000 a year. That’s despite earning more than double them.

How much average people spend on necessities, as compared to richer people

  Average household income of $50,000 – $74,000 Average household income of $150,000 or more
Mortgage/rent $911 $880
Groceries $323 $450
Car payment $163 $198
Household necessities $58 $73
Total $1455 $1601

The first thing that might strike you about this data is that households making $50,000 – $74,000 a year actually spend more on their mortgage and rent each month. That may have to do with richer households putting down much larger down payments on homes, thereby cutting their monthly mortgage, or with owning homes outright, which would drop the average spending for the whole group, GoBankingRates notes. The big difference between groups is grocery spending — $450 for the affluent, which is $100 more than the middle-income group drop.

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