- a) Median Household Expense Information
The median household expense information is about $4,699 per month. This number is only useful after we adjust for inflation since the figures were collected in 2013. Inflation has been quite mild for the past 5 years, so after applying a 2% increase, a household spends around $4,792. Now, the median household size is around 3.2. So dividing expenses by headcount, we get a really reliable expense figure of about $1,500 per person in 2018 as a reasonable benchmark.
- b) Median Household Income Information
The median household income information for 2017 is a fairly high figure at $9,023 per month. This is very impressive. Assuming that each household consists of …