Consumer Spending Hits All Time High in New York

Think you're spending a ridiculous amount of money just to stay afloat in New York? You aren't imagining it.

The cost of living continues to climb nationwide, but some states have it better than others.

Unfortunately, New York isn't among that precious group.

MarketWatch released an updated report that breaks down consumer spending by state.

This time, the Empire State found itself among the states with the worst cost of living problems.

MarketWatch found its residents spend about $63,775 annually on everyday necessities like food, clothing, and housing, which amounts to 77.7% of the median income.

That number is also $7,573 more than the national average.

It also found spending increased by 7.7% since 2022 and a jump of 23.4% since 2019.

The only other states having a bigger crisis than New York were Washington, D.C., Massachusetts, California, Connecticut, and New Hampshire.

What Are Americans Spending the Most Money On?

MarketWatch said the largest expenditure was housing and utilities, which gobble up about 18% of an average America's spending power.

Health care claimed a second place finish, making up 16% of an average person's budget.

On the other end, gasoline and other durable goods made up just 1% of a person's total spending.

The average American now spends $56,202 annually on daily necessities, a historical high that has increased 28.5% since the pandemic.

The report also found consumer spending rose by 13.1% since 2021 and has soared since 2023 due to rising housing costs that jumped 57.1% between 2019 and 2024.

That all being said, if you're feeling squeezed by the current economy - you are definitely not alone.

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