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Innovation

Can Apple (and Android) users afford the new iPhone?

With even the "affordable" iPhone looking set to cost over $700, who can afford the new iPhone?

New iPhones are not cheap, with the "affordable" model expected to start at $749 and the price going up to an eye-watering $1,299. But research suggests that Apple owners are in a better position than Android users to stomach such prices.

Must readApple has let down every iPhone user  

The research, carried out by Personal Capital based on 2 million registered users who have linked more than $760B in asset to the platform, uncovered the following:

  • Apple users have a lot more cash than Android users: Apple users average $56K in bank accounts (21 percent more than Android users) and $540K in the investment accounts (41 percent more than Android users). 
  • Apple users carry a lot more debt: An average of 19 percent more than Android users.
  • Apple users spend more time planning their future: But, interestingly, Android users check their finances more often.
  • Apple users' home value is about 20 percent greater than Android users: Based on Zillow data.

The willingness of Apple owners to take on debt is interesting and perhaps explains why Apple has extensive financing options and a credit card.

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