Residents of the state of Massachusetts had the highest spending per capita in the US. According to the Bureau of Economic Analysis (BEA), residents in Massachusetts spent an average of $47,308 in 2012. Barry Bosworth, Senior Fellow at the Brookings Institution, pointed out: “states that have higher incomes definitely have higher levels of consumption.” Consumption figures are closely tied to property values too–mortgages are often the biggest chunk of spending.
There is a clear relationship between people’s spending habits and their level of education. 39.3% of adult residents in Massachusetts have a bachelor’s degree (the highest in the nation). And the typical household earned more than $65,339, well above the national media ($51,371). “The strongest (spending) drive of people’s income is their education,” Bosworth added. And people with high income tend to ensure their children have a lot of education.
