Houstonians are spending more of their hard-earned money on housing, transportation, and food.
Households in the Greater Houston area spent an average of nearly 70,000 dollars on expenditures in 2019 and 2020. That's according to a new report by the U.S. Bureau of Labor Statistics. Housing is the biggest cost, with transportation and food not far behind. However, Lone Star College economist Hank Lewis says the bureau’s numbers don't include 2021. Since the shutdowns and re-openings, expenditures have gone up.
“When people especially were working from home, and decided they wanted to look for a larger home or a home with more workspaces, and the relate estate market got very hot,” Lewis said. “Food prices also went up for a mixture of more increased demand as people were buying food to bring home and eating out less.”
Lewis says both housing and food costs have been volatile within the past 20 months. In addition, transportation costs have also gone up and down.
“Transportation went down during the period of lockdowns and people working from home, but then it’s been followed by a huge spike as people have been brought back into the office and back into the schools,” Lewis explained.