Is the economy getting better? Well,
depends on who you ask. More specifically, the age of the person you ask.
A new government report finds that
the 35- to 44-year-old members of Generation X have been the hardest hit
by the economy. In terms of actual dollars lost, 45- to 54-year-olds
took the biggest hit. Median net worth declined by $54,881, to $90,434. That’s
a 38 percent drop from 2005, calculated in 2010 dollars.
The Census Bureau study found that between 2005
and 2010, households led by 35- to 44-year-olds saw the biggest percent decline
in median household net worth. For those households, median net worth declined
59 percent, from $80,521 in 2005 to $33,200 in 2010, adjusted in
constant 2010 dollars.
Overall, the median household net
worth declined by 35 percent between 2005 and 2010, to $66,740. The
Census data comes a week after the Federal Reserve released a
separate survey showing that the median net worth of the American family
dropped 39 percent from about $126,000 in 2007 to $77,000 in 2010.
Why the massive drop in net worth? You guessed it … the
housing bust. Thankfully the market is turning around and, hopefully, we’ll
start seeing an increase in net worth as property values rise.
Visit our website at www.kathyandginarealty.com to keep
up-to-date on the local real estate market and trends.
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