Consumer expenditure survey (illustrating the income divide)
I recently dug through Consumer Expenditure Survey data,
and found some interesting snippets. I don't have great deal of commentary on the data in aggregate, but I grouped the
different cuts and called out some interesting points below.
Annual spending habits across income groups
- The bottom 40% of earners spend more than they make in a given year.
- The lowest 20% of earners spend over 2x earnings each year.
- The lowest 20% of earners spend over 90% of income on housing alone, 30% on food.
Vehicle ownership across income groups
Gender distribution across income groups
- The bottom 20% of earners own <1 car on average, while the highest 20% own nearly 3 cars
Education distribution across income groups
- The lowest income quantile is comprised of >60% women, while the highest quantile drops to ~44% women.
Racial distribution across income groups
- >50% of the lowest income quantile do not have a college education. Higher levels of education correlated with higher income, not surprising.
Housing distribution across income groups
- As we move up in income quantiles, we see fewer African Americans.
- The poorest groups primarily rent.
- The middle groups primarily own homes, but many with mortgages.
- The richest groups primarily own homes outright.