Median Housing Value Grows—Finally

The median value of owned homes in the United States increased in 2014 for the first time since the Great Recession. The nation's homeowners estimated their home's value to be a median of $181,200 in 2014, according to the American Community Survey. This is 2.5 percent more than the post-Great Recession low of $176,721 in 2013, after adjusting for inflation, but 18 percent below the 2007 median of $221,845.

Median housing value, 2007 to 2014 (in 2014 dollars)
2014: $181,200
2013: $176,721
2012: $177,247
2011: $182,705
2010: $195,311
2009: $204,363
2008: $217,271
2007: $221,845

Source: Census Bureau, American Community Survey

Nearly Half of Americans Play Video Games

Almost half of American adults (49 percent) play video games (on a computer, TV, game console, cell phone, or tablet), according to a Pew Research Center survey. A smaller 10 percent consider themselves "gamers."

Percent who play video games by age
Aged 18 to 29: 67%
Aged 30 to 49: 58%
Aged 50 to 64: 40%
Aged 65-plus: 25%

Interestingly, men and women are about equally likely to report ever playing video games—50 percent of men and 48 percent of women. Among 18-to-29-year-olds, 77 percent of men and 57 percent of women play video games. The gender pattern is reversed among adults aged 50 or older: 29 percent of men and a larger 38 percent of women play video games.

Source: Pew Research Center, Gaming and Gamers

Boomer Women at Work: A History

The women of the baby-boom generation were the first to make paid work the norm for wives and mothers. Now that the oldest boomers are reaching retirement age, demographer Javier Garcia-Manglano looks back at their labor force experience. Using data from the National Longitudinal Survey of Young Women, he examines the work and family history of women born between 1944 and 1954 and finds boomer women fitting into four types...

Consistently attached to the labor force: 40%
The most common type, the Consistently Attached have worked for decades with nary a break. They are the type most likely to be childless (40%) and least likely to be married to a husband opposed to a wife working for pay (13%). Interestingly, this type is least likely to have a husband in the highest earnings quartile.

Increasingly attached to the labor force: 27%
Early marriage and childbearing define these women. The Increasingly Attached are most likely to have ever married and to have had a first birth while in their early twenties. Among the four types, they are most likely to have a husband opposed to a wife working for pay (55%). Perhaps as a consequence, they have the highest divorce rate among the four groups (50%).

Consistently detached from the labor force: 21%
Early childbearing and health problems are the defining characteristics of this group. Among the four types, the Consistently Detached are most likely to have had a teen birth, an out-of-wedlock birth, and three or more children. Half have a husband opposed to a wife working for pay. A substantial 42 percent have health problems that limit work. Interestingly, this type is the one most likely to have a husband in either the lowest or the highest earnings quartile.

Increasingly detached from the labor force: 13%
Health and job problems have been experienced disproportionately by the Increasingly Detached. Among the four types, they are most likely to have a health condition limiting their work (44%). They are also most likely to have experienced discrimination on the job (24%).

Source: Opting out Leaning In: The Life Course Employment Profiles of Early Baby Boom Women in the United States, Javier Garcia-Manglano, Demography ($39.95)

Americans Don't Think They Are Overweight

Only 37 percent of Americans think they are overweight, according to a Gallup survey.

Not so, says the National Center for Health Statistics, which actually measures the height and weight of a nationally representative sample of the population. According to its measurements, a much larger 69 percent of Americans are overweight.

Source: Gallup, Fewer Americans Say They Want to Lose Weight

Boomers Missing Go-Go Years of Retirement

It looks like a lot of boomers will miss out on the go-go years of retirement. That's because of a stunning increase in the labor force participation rate of men and women in their sixties, according to new labor force projections by the Bureau of Labor Statistics.

• The labor force participation rate of men aged 62 to 64 will climb to 60 percent by 2024, up from just 45 percent in 1994. Work is now the norm for men in the age group. For their fathers who retired in the 1990s, retirement was the norm. 
• The labor force participation rate of women aged 62 to 64 will reach 47 percent by 2024, up from 33 percent a generation ago in 1994. 
• The labor force participation rate of men aged 65 to 69 will climb to 40 percent by 2024, up from 27 percent in 1994. 
• The labor force participation rate of women aged 65 to 69 will climb to 33 percent by 2024, up from 18 percent a generation ago. 

Because of the growing labor force participation of older boomers, the go-go retirement market (aged 55 to 74) will be 18 percent smaller in 2024 than it would have been if boomers were retiring at the rate their parents did in 1994. The number of retirees aged 55 to 64 is projected to shrink 3 percent during the decade ahead. While the number of retirees aged 65 to 74 will increase, the gain will be less than in the 2004-14 decade. Industries that depend on go-go retirees—casinos, travel, RVs, golfing communities—may want to rethink their strategy as growth in the active retirement market will be much more modest than once anticipated.

Source: Bureau of Labor Statistics, Monthly Labor Review, Labor Force Projections to 2024: The Labor Force is Growing, but Slowly

Labor Force by Race and Hispanic Origin, 2014 to 2024

The number of non-Hispanic Whites in the labor force is shrinking, according to the latest set of projections by the Bureau of Labor Statistics. Over the past decade, the number of non-Hispanic White workers fell by 2.5 million. During the next decade, they will decline by another 3 million. The non-Hispanic White share of the labor force will fall from 65 to 60 percent between 2014 and 2024.

Numerical (and percent) change in labor force by race and Hispanic origin, 2014 to 2024
Asians: +2,032,000 (23%)
Blacks: +1,899,000 (10%)
Hispanics: +7,116,000 (28%)
Non-Hispanic Whites: -3,039,000 (-3%)

Source: Bureau of Labor Statistics, Monthly Labor Review, Labor Force Projections to 2024: The Labor Force is Growing, but Slowly

Who Owns Multiple Digital Devices?

Most Americans own multiple digital devices, according to a Pew survey. Fully 66 percent of adults own at least two devices (smartphone, tablet, and laptop/desktop computer) and 36 percent own all three. By age, this is who owns all three devices...

Own smartphone, tablet, and laptop/desktop computer
Aged 18 to 29: 41%
Aged 30 to 49: 51%
Aged 50 to 64: 27%
Aged 65-plus: 16%

Source: Pew Research Center, Smartphone, Computer or Tablet? 36% of Americans Own All Three

Household Income Stable in October 2015

Median household income in October 2015 stood at $56,671, according to Sentier Research—not significantly different from the September median, after adjusting for inflation. The October 2015 median was 5.3 percent higher than the October 2014 median and 9.3 percent above the $51,860 median of August 2011, the low point in Sentier's household income series. 

"Even though median annual household income did not increase in October 2015, we continue to see an upward trend in income that has been evident since the low point in August 2011," says Sentier's Gordon Green. "We have now recaptured all of the income losses that have occurred since June 2009." Sentier's median household income estimates are derived from the Census Bureau's monthly Current Population Survey. 

Median household income in October 2015 was 1.8 percent higher than the median of June 2009, the end of the Great Recession. It was about the same as the median of December 2007, the start of the Great Recession. It was 1.2 percent below the median of January 2000. The Household Income Index for October 2015 was 98.8 (January 2000 = 100.0).

Source: Sentier Research, Household Income Trends: October 2015

Spending by Generation, 2014

In an experimental research effort, the Bureau of Labor Statistics has examined household spending by generation based on data from the 2014 Consumer Expenditure Survey (birth years based on Pew Research Center definitions)...

Average household spending in 2014
Millennials (1981 and later): $43,942
Generation X (1965 to 1980): $63,137
Baby Boomers (1946 to 1964): $58,202
Silent Generation (1929 to 1945): $40,923
WWII Generation (1928 and earlier): $32,610

Gen Xers spend much more on mortgage interest than any other generation. Many bought homes when housing prices were peaking. Millennials, Gen Xers, and Boomers spend more on cell service than landline service. Eighty percent of Millennial households own a car. Ownership peaks at 91 percent among Boomers and falls with age to 66 percent in the WWII generation (aged 86 or older). Gen Xers spend the most on men's clothes. Boomers spend the most on women's clothes. Average household spending on entertainment is highest among Gen Xers. Millennials spend relatively little on entertainment, surpassing only the WWII generation. Even the Silent generation spends more on entertainment than Millennials.

Source: Bureau of Labor Statistics, CE Experimental Research Tables

Wireless-Only Demographics, January-June 2015

Forty-seven percent of Americans aged 18 or older live in a wireless-only household—meaning the household has cell phones but no landline. Among children, the figure is an even higher 55 percent. These are the demographic segments with a wireless-only majority...

85% of people who live with non-relatives
71% of 25-to-29-year-olds
68% of 30-to-34-year-olds
67% of renters
59% of 18-to-24-year-olds
59% of the poor
59% of Hispanics
57% of 35-to-44-year-olds
54% of the near-poor
53% of adults living with children
53% of workers
52% of people in the Midwest
51% of people who live alone
50% of people in the South

Least likely to live in a wireless-only household are people aged 65 or older (19%), those in the Northeast (32%), and homeowners (37%).

Source: National Center for Health Statistics, Early Release of Estimates from the National Health Interview Survey, January-June 2015

Single-Person Households by Race and Hispanic Origin, 2015

People who live alone head a substantial 28 percent of households in the United States. The figure varies by race and Hispanic origin. More than one in three Black households are headed by people who live alone compared with only 17 percent of Hispanic households...

Single-person households as a share of total households in 2015
17.2% of Hispanic households
18.4% of Asian households
29.5% of non-Hispanic White households
34.8% of Black households

Source: Census Bureau, America's Families and Living Arrangements

For Many, Spending Rises After Retirement

Many households spend more rather than less after retirement, reports the Employee Benefit Research Institute. Analyzing data from the longitudinal Health and Retirement Study, EBRI researcher Sudipto Banerjee finds a rise in spending for many retirees. In the first year or two of retirement, 46 percent of households spend more. By the sixth year of retirement, 33 percent are spending more than they had in their pre-retirement years.

Post retirement spending as a percent of preretirement spending in sixth year of retirement
Spending less than 80 percent of preretirement income: 53.1%
Spending 80 to 100 percent of preretirement income:: 13.4%
Spending 100 to 120 percent of preretirement income: 10.0%
Spending 120 percent or more of preretirement income: 23.4%

Source: Employee Benefit Research Institute, Change in Household Spending After Retirement: Results from a Longitudinal Sample

Most Millennials Say Finances Are Improving

Thirty-six percent of Americans aged 18 or older think their financial situation is improving, according to the 2014 General Social Survey. This figure is higher than it was in 2010, when only 25 percent felt things were getting better. Older Americans are least likely to feel this way (15 percent), largely because most are on fixed incomes. Young adults are most likely to feel upbeat. The majority of Millennials in 2014 said their finances were getting better...

Percent of Millennials who say their financial situation is getting better
2014: 54.1%
2012: 39.1%
2010: 34.2%

Note: Millennials were aged 20 to 37 in 2014.
Source: Demo Memo analysis of the General Social Survey

Empty Piggy Banks

How much money could the typical household access within 30 days to cover the cost of a financial shock? According to the Survey of American Family Finances, the median household could get its hands on just $3,000 within 30 days. That's not much of a buffer, and it includes credit cards and help from friends and family.

In the second of three reports on the finances of American households, Pew Charitable Trusts examines the financial assets available to families when they experience a financial shock. That's when, not if. Financial shocks are the norm. Fully 60 percent of households experienced a financial shock in the past year, according to the findings of Pew's first report, available here.

One of the most important resources for weathering a financial shock is liquid savings, which Pew defines as money in a checking or savings account, cash saved at home, and the value of unused prepaid cards. The typical household has only $3,800 in liquid savings, and a substantial one in four has less than $400.

Source: The Pew Charitable Trusts, What Resources Do Families Have for Financial Emergencies?

Median Age at First Marriage: 2015

Women: The median age of women marrying for the first time inched up to 27.1 in 2015, a bit higher than the 27.0 of 2014 and a full seven years above the all-time low of 20.1 in 1956.

Men: The median age of men marrying for the first time fell slightly to 29.2 in 2015, a bit lower than the 29.3 of 2014 and nearly seven years greater than the 22.5 low of 1956.

Source: Census Bureau, Families and Living Arrangements, Historical Time Series

Who Wants Private Health Insurance?

Most Americans now believe it is the responsibility of the federal government to ensure all Americans have health insurance, finds a Gallup survey, up from 45 percent who felt that way just one year ago. But there are big differences in attitudes by age: fully 68 percent of 18-to-29-year-olds think it's the federal government's responsibility compared with only 38 percent of the elderly, who are universally covered by the federal government's Medicare system.

When Gallup asked the public whether it would prefer a government-run health insurance system or one based on private insurance, the 55 percent majority still favors private rather than public. Americans aged 65 or older are the ones most likely to favor a private health insurance system, despite the fact that they are covered by a public plan...

Percent who would rather have a private health insurance system
Aged 18 to 29: 45%
Aged 30 to 49: 56%
Aged 50 to 64: 58%
Aged 65-plus: 63%

Source: Gallup, In U.S., 51% Say Government Should Ensure Healthcare Coverage

Why Do Hispanics Live Longer?

Hispanics live longer than non-Hispanic Whites, a life expectancy advantage known as the "Hispanic Paradox" because no one can explain it. Given the relatively low socioeconomic status of Hispanics, their life expectancy should be well below that of non-Hispanic Whites. Instead, Hispanic life expectancy at birth is 2.6 years greater.

In an effort to explain the paradox, researchers from the National Center for Health Statistics analyzed death rates to determine which causes of death are killing non-Hispanic Whites at a higher rate than Hispanics. The finding: it's the big ones. Hispanics are less likely than non-Hispanic Whites to die from cancer, heart disease, accidents, suicide, chronic lower respiratory disease, Parkinson's disease, and Alzheimer's. Lower death rates from cancer alone account for a quarter of the 2.6 year life expectancy advantage of Hispanics over non-Hispanic Whites.

Why are Hispanics less likely than non-Hispanic Whites to die from cancer, heart disease, and other major causes of death? No one has the answer to that question, and so the Hispanic Paradox continues.

Source: National Center for Health Statistics, How Does Cause of Death Contribute to the Hispanic Mortality Advantage in the United States?

The ACA and Time Use of Young Adults

The Affordable Care Act is changing time use in the United States, according to a National Bureau of Economic Research study. The expansion of dependent care coverage up to age 26 has reduced job-lock among young adults and resulted in shorter medical visits, particularly wait times, say NBER researchers after analyzing American Time Use Survey data. Medical visits are shorter, the researchers hypothesize, because young adults can now access routine medical care rather than relying on hospital ER care.

What are young adults doing with their extra hours and minutes? They are socializing more, going to school, and looking for work, say the researchers, concluding: "Availability of insurance and change in work time appear to have increased young adults' subjective well-being, enabling them to spend time on activities they view as more meaningful than those they did before insurance became available."

Source: National Bureau of Economic Research, It's About Time: Effects of the Affordable Care Act Dependent Coverage Mandate on Time Use, NBER Working Paper #21725 ($5)

Americans So-So on Financial Literacy

In a worldwide survey of financial literacy, the United States scored only so-so for a major advanced economy. Fifty-seven percent of Americans correctly answered three of four financial literacy questions: understanding interest rates, compound interest, inflation, and risk diversification. Among the 144 nation's included in the survey, the U.S. ranked 14th. Norway was number one, with 71 percent of  its residents able to answer three of the four questions. Yemen was last, with only 13 percent answering three questions correctly.

Within the United States, financial literacy varies by demographic characteristic. Men are more literate than women (62 versus 52 percent). The middle-aged (aged 35 to 54) are more literate than younger or older adults (65 versus 57 percent), and the richest 60 percent of Americans are more literate than the poorest 40 percent (64 versus 47 percent).

Source: Standard & Poor's Ratings Services Global Financial Literacy Survey

Six Kinds of Debt

Fully 89 percent of Americans with credit records fall into one of six debt types, according to an Urban Institute analysis of millions of credit records over a five-year period of time...

• 29% have no debt
• 22% have only credit card debt
• 13% have only mortgage debt
• 12% have only vehicle debt
• 9% have vehicle and mortgage debt
• 4% have only student loan debt

These "debt styles" depend on lifestage, of course. Mortgage debt, for example, peaks at 41 percent among consumers aged 48 to 52. Student loans peak at 23 percent among those aged 23 to 27. The Urban Institute report examines debt during the 2010-to-2014 time period by age of consumer, including loan balances and credit scores.

Source: Urban Institute, Americans' Debt Styles by Age and Over Time