According to our latest study, US renters are left with little cash —if any—after taking care of rent and living expenses, not to mention the winter holiday spending! We don’t want to steal the holiday cheer, but we can’t hide from the cold, hard facts:
- The average American renter household cannot afford the holiday season without $549 in savings. Crunching the numbers from the US Census, Bureau of Labor Statistics, National Retail Federation and Yardi Matrix, we concluded that the average American family of four spends about 2.8% of their annual income on winter expenses such as gifts and family dinners, ending the season with a negative balance of $549.
- Out of the 50 largest US cities we looked at, 26 are not that merry—renter families here will need savings for the winter holidays, with the (in)famously expensive hubs Manhattan, Boston and San Francisco leading the way.
- On the other end of the spectrum, renters in the remaining 24 cities are actually left with some money for the piggy bank after the holiday expenses—from a significant $689 in Virginia Beach to a modest $6 in Tucson.
Find spending patterns across the country by clicking here. Rent Cafe