Ever wonder how much the average American family is worth? And ultimately how you stack up? Yeah, us too.
Well, we are finally getting some answers thanks to data from The Federal Reserves Survey of Consumer Finances.
Per that data, the average net worth of US families is $692,100 (keep in mind that net worth means assets minus liabilities, so this takes into account everything from a home to a 401(k) and any other assets minus debt).
Now you’re probably thinking to yourself, holy sh*t, I’m not worth anywhere close to that. Most people aren’t.
The median, or those in the 50th percentile of net worth, are likely a better gauge since the super wealthy are pulling up the national average. That number is $97,300.
Per the data, age also plays a big role, which makes sense since most people become increasingly financially stable as they work and save longer.
Let’s take a look at the average net worth of American families based on the age of the head of household:
Age 35 or younger: $76,200
Age 35-44: $288,700
Age 45-54: $727,500
Age 55-64: $1.17 million
Age 65-74: $1.07 million
Age 75 or older: $1.07 million
Now, let’s take a look at the median net worth of American families based on the age of the head of household:
Age 35 or younger: $11,100
Age 35-44: $59,800
Age 45-54: $124,200
Age 55-64: $187,300
Age 65-74: $224,100
Age 75 or older: $264,800
If this is all piquing your interest as to how you stack up against other people financially, we are huge fans of Status Money which allows you to easily compare your finances with those of your peers. No question, you’ll learn a lot.
Feature Image: Courtesy of The Everett Collection