The fallout from the collapsed housing market has been brutal, but it’s not the cause of all financial woes Americans are facing.
The U.S. Census Bureau announced Monday that the median household net worth of Americans dropped 35% — from $102,844 in 2005 to�$66,740 in 2010. �The overall decline in net worth reflects drops in housing values and stock market indices,� Census Bureau economist Alfred Gottschalck said in a press release.
But even if the negative effects of the housing crisis are removed from the equation, a CNNMoney analysis of the new data shows that net worth still fell by 25% between 2005 and 2010.
Census Bureau data also showed that even though the decrease in net worth spanned all age groups, householders age 35 to 44 experienced a 59% decline in net worth from 2005 to 2010.
No comments:
Post a Comment