Calculate approximately how much money an older $($age $65-74)$ household with an annual income of $$57,000$ spends on housing each year. Use Exhibit $18-4.$

Amount spent on housing

per year

Exhibit $18-4$ How "average" older $(65-74$ and $75+$ households spend their money

Retired families spend a greater share of their income for food, housing, and medical care than nonretired families.

$\backslash$table$[[,$Age $65-74,$Age $75$ & $01$der$],[,\backslash$table$[[$Average$],[$$Amount$]],$Percent,$\backslash$table$[[$Average$],[$$Amount$]],$Percent$],[$Pretax annual income,$$52,366,100,$$$35,467,100],[$Annual expenditures,$$48,855,100,$$$36,673,100],[$Housing$,$$$15,838,32\mathrm{.}4,$$$13,375,36\mathrm{.}5],[$Food$,$$$6,284,12,$$$4,349,11\mathrm{.}9],[$Clothing$,$$$1,417,2\mathrm{.}9,$$$683,1\mathrm{.}9],[$Transportation$,$$$8,338,17\mathrm{.}1,$$$5,091,13\mathrm{.}9],[$Health care,$$5,456,12\mathrm{.}2,$$$5,708,15\mathrm{.}6],[$Entertainment$,$$$2,988,6\mathrm{.}1,$$$1,626,4\mathrm{.}4],[$Pensions and Social Security,$$6,074,11\mathrm{.}6,$$$5,041,13\mathrm{.}7],[$Other$*,,,,2\mathrm{.}2]]$