Net Worth: $81,200 median net worth of an American family is down by 1.93% from previous report in 2013.
Net worth is the total value of all the money in a person’s bank accounts and investments, plus property and other assets, minus any debts owed.
Saving: The savings of 3.50% of disposable income is down from July 2017. This is money set aside for future use, either for an emergency, retirement or another long-term goal.
Personal saving rate is seasonally adjusted to annual rate based on the recorded figures.
Roughly 70% of Americans say they’re either living comfortably or doing okay, according to the latest Federal Reserve report on the nation’s economic well-being. That sentiment improved slightly for the third straight year, but there are troubling trends elsewhere.
A growing share of the nation’s wealth is in the hands of the top 1% of earners. So much so that the average net worth for all American’s is $534,600 — yet median net worth is only $81,200, according to the Census Bureau’s latest Survey of Consumer Finances.
Americans also aren’t saving as much money as they used to. Nearly half of households say they couldn’t cope with a $400 emergency.
And while we are better able to keep up with our mortgage payments, we’re burdened by more credit card, student loan and auto loan debt than ever. Delinquencies among credit card and auto loan borrowers are ticking steadily upward.
Debt: The 2008 real estate crash and recession saw millions of Americans falling behind on mortgages and losing homes to foreclosure. These days, there’s less housing debt, but other types have rapidly ballooned. Student loan debt has reached a crisis level — $1.4 trillion — with more than 4 million borrowers defaulting last year. Americans now have the highest credit-card debt in history — $1.021 trillion. That surpasses the previous recession-era peak, though on a per-capita basis, we are still below the record high set in 2008. Auto loan debt is growing and, increasingly, cars are being repossessed.
Mortgage debt: $31,590 per capita based on the population with a credit report (average) up 0.83% from previous year.
Auto debt: The average debt of $4,340 per capita based on the population with a credit report (average), is up 6.63% from previous year.
Credit card debt: The average debt of $2,930 per capita based on the population with a credit report (average) up 4.64% from previous year.
Student debt: The average debt of $4,920 per capita based on the population with a credit report (average), up 5.58% from previous year.
Home prices are up 5.77% from one year ago from 5.70% in previous month. The change in the value of residential real estate is based upon the Case-Shiller Home Price Index, change from 2016.
Gas prices average $2.49 per gallon, up 3.31% from previous month.
College tuition $9,650 per school year, up 1.58% from 2016.
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