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Message
The average American household has over a million dollars in wealth
Posted on 10/24/23 at 10:07 am
Posted on 10/24/23 at 10:07 am
quote:
It may be hard to believe it while money is so tight amid the cost of living crisis, but the average American household has achieved millionaire status.
To be precise, the mean net worth of an American household, adjusted for inflation, was $1.06 million in 2022, according to the Federal Reserve's consumer finance survey.
In comparison, in 2019 the mean net worth of an average household was $868,000, marking a 23% jump.
Fed Reserve say standard American household as millionaire status
39
Top RepliesPosted on 10/24/23 at 10:14 am to TigerintheNO
From that same article:
quote:
Even when looking at the median—another measure of the average, which represents the midpoint in the ranking and is less likely to be skewed by exceptionally high or low numbers—the typical American household was worth $192,900.
All Replies (78)
Posted on 10/24/23 at 10:07 am to TigerintheNO
quote:
but the average American household has achieved millionaire status.
Covid money and inflation.
Posted on 10/24/23 at 10:08 am to RogerTheShrubber
quote:
Meanwhile, households in the bottom 10% had a mean net worth of $5,300 in 2022.
Posted on 10/24/23 at 10:09 am to TigerintheNO
Average isn't median lol
Posted on 10/24/23 at 10:09 am to TigerintheNO
I imagine most is due to home equity values skyrocketing over the last several years
This post was edited on 10/24/23 at 10:28 am
Posted on 10/24/23 at 10:10 am to TigerintheNO
quote:
Meanwhile, households in the bottom 10% had a mean net worth of $5,300 in 2022.
Posted on 10/24/23 at 10:10 am to TigerintheNO
quote:
mean net
Posted on 10/24/23 at 10:11 am to TigerintheNO
A Million dollars today is not at all the same as a million dollars 20 years ago.
This post was edited on 10/24/23 at 10:11 am
Posted on 10/24/23 at 10:11 am to TigerintheNO
Is this supposed to be the reasoning for their mishandling of the money supply for the past 15 years?
frick it, yall are wealthy we will enact whatever monetary policy we want mofo. frick you and inflation
frick it, yall are wealthy we will enact whatever monetary policy we want mofo. frick you and inflation
Posted on 10/24/23 at 10:11 am to Who_Dat_Tiger
Using average here is dumb. Because a number like 50 billion really skews things 
Posted on 10/24/23 at 10:11 am to TigerintheNO
bullshite lies and statistics. House may be worth a fortune but ask the same people to come up with $10k cash
Posted on 10/24/23 at 10:12 am to bayoudude
If your net worth is one million you are just fine and can get cash The issue here is using average. It’s ridiculous. This is a clear case to use the median
The issue here is using average. It’s ridiculous. This is a clear case to use the median This post was edited on 10/24/23 at 10:13 am
Posted on 10/24/23 at 10:12 am to TigerintheNO
Take out the outliers and what do you have?
Posted on 10/24/23 at 10:13 am to Sterling Archer
quote:
I imagine most is that is due to home equity values skyrocketing over the last several years
It’s also due to vast wealth in the top 0.5%. I’m sure median net worth is far lower, maybe even below $50k or so as I’m not sure the median household even owns a home at this point.
This is like when geography was cited as the highest earning major among UNC grads because MJ happened to be a geography major.
This post was edited on 10/24/23 at 10:15 am
Posted on 10/24/23 at 10:13 am to Sterling Archer
quote:
I imagine most is that is due to home equity values skyrocketing over the last several years
This article makes it seem like if you put your house up its gone in 2 days!!!!!!! This is so laughable at this point in time. .
House value may have gone up (according the bank) but with the interest rates and increase in consumable prices people cannot afford that expensive house therefore you cant sell it.
Everyone was better off not keeping up with Mr. Jones.
Posted on 10/24/23 at 10:14 am to TigerintheNO
quote:
adjusted for inflation
This post was edited on 10/24/23 at 10:17 am
Posted on 10/24/23 at 10:14 am to Crowknowsbest
Median American net worth is $192,000. Quite the difference eh?
Posted on 10/24/23 at 10:14 am to TigerintheNO
Better cash out before it plummetts if you believe in that
Posted on 10/24/23 at 10:14 am to TigerintheNO
From that same article:
quote:
Even when looking at the median—another measure of the average, which represents the midpoint in the ranking and is less likely to be skewed by exceptionally high or low numbers—the typical American household was worth $192,900.
Posted on 10/24/23 at 10:15 am to lsupride87
quote:
Median American net worth is $192,000. Quite the difference eh?
Makes sense.
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