Comparing Networth, Income, and Debt of Americans.
Is your network higher or lower than people of a similar age? How does your pay compare with others? Do you have more debt than the average Joe or Jane?
Knowing how you stack up financially to your peers can offer up insight that allows you to make changes that can secure your financial future, so let’s take a closer look at how you stack up against the average American.
Net worth
Last year, the Federal Reserve released its triennial Survey of Consumer Finances, and that report sheds valuable insight into Americans’ net worth that is a bit disappointing.
Despite a multi-year recovery in housing and stock markets that has boosted the net worth of the wealthiest people, the majority of Americans over age 45 saw their median net worth fall.
Overall, Americans’ median net worth totals $81,200, but that amount varies significantly depending on age.
Americans between 65 and 74 have a median net worth of $232,100, while those between 35 and 44 have a median net worth of $46,700.
Net worth also varies significantly depending on education. People who have a college degree sport a median net worth of $219,400, but the net worth for people without a high school diploma is only $17,200.
Income
Economic growth has led to employment growth, but income gains have been slow to materialize.
Debt
Although net worth and income didn’t make a lot of headway in recent years, Americans have done a good job at paying down their debt.
The amount of debt obligations dropped a median 20% during the survey’s three-year period, primarily because Americans are relying less on loans on their home, but also because the number of families relying on credit card has fallen and the median amount owed on credit cards has dropped by 18%.
Overall, the median American has a home loan of $115,000 and a median credit card debt of $2,300. If we consider average credit card debt instead of median debt, then Americans owe $5,700 on their credit cards.
Always grateful,
Victor Lofinmakin
Your realtor
Discovered Homes
832-788-1782