Thursday, July 31, 2014

Median Net Worth of Households Still Falling

The median net worth of American households continues to decline, according to a research brief for the Recession Trends initiative, a joint effort of the Russell Sage Foundation and the Stanford Center on Poverty and Inequality. Examining early release data from the nationally representative Panel Study of Income Dynamics, the researchers took a look at trends in median household wealth (assets minus debts) through 2013. It was not a pretty picture...

Median household net worth (in 2013 dollars)
2013: $56,335
2009: $70,801
2007: $98,872
2003: $87,992

"Through at least 2013, there are very few signs of significant recovery from the losses in wealth experienced by American families during the Great Recession," report the researchers. "Declines in net worth from 2007 to 2009 were large, and the declines continued through 2013."

Source: Russell Sage Foundation, Wealth Levels, Wealth Inequality, and the Great Recession

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