The Average American Spends $3.3 Million Over Their Lifetime: See How That Breaks Down

Gabrielle Olya
skynesher / Getty Images
skynesher / Getty Images

Believe it or not, the average American will spend millions of dollars over their lifetime — $3.3 million to be exact, according to a new study by OneMain Financial. The study utilized data on the average lifespan and average income to determine how much Americans spent on expenses including housing, their car, vacations and more during their entire adult lives.

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Here’s a look at how that whopping figure breaks down.

Average American’s Lifetime Spending

Based on its analysis, the OneMain Financial study determined that the average American will spend the following over the course of their lifetime:

  • Housing: $1,486,160

  • Car: $470,000

  • Children: $467,220

  • Health insurance: $290,016

  • Retirement/401(k): $195,754

  • Renovations: $190,429

  • Vacations: $118,000

  • Furniture: $61,630

  • Education: $42,960

  • Wedding: $34,000

Average Housing Spending

Housing is by far the biggest expense for the average American, accounting for 44% of the total lifetime spend.

“Our greatest ongoing financial priority is our home, with the average cost of a single-family house totaling $428,700,” the study states. “Americans tend to change residences every 15 years, pushing the average amount borrowed on housing to a staggering $1.5 million in a lifetime.”

Average Auto Spending

The average American will spend nearly half a million dollars on their cars over the course of their lifetimes — 14% of their total lifetime spending. The study states that most Americans will drive 10 cars over the course of their lives, assuming they get a new car every six years.

Milestone vs. Repeat Purchases

The study notes that it’s the purchases that happen just a few times or once in a lifetime that end up costing us the most. These include buying a house, buying a car, paying for college and paying for a wedding.

The most repeated major purchase is vacations. The study found that the average American will take 59 vacations over their lifetimes, costing a total of $118,000 on average.

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This article originally appeared on GOBankingRates.com: The Average American Spends $3.3 Million Over Their Lifetime: See How That Breaks Down

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