Missing some money lately? Well, you are far from alone as the U.S. Census Bureau reports that the U.S. median household net worth dropped a stunning 35%, from $102,844 to $66,740 between 2005 and 2010, the half-decade that featured the "great recession."
According to the Census Bureau's latest Net Worth and Asset Ownership tables, householders age 35 to 44 were hit the hardest, watching their median net worth drop by 59% from 2005 to 2010, mainly due to falling valuations of their homes.
Our suffering net worth mirrored the effects of the 2007-2009 recession on its two main targets, home prices and stock values. "The overall decline in net worth reflects drops in housing values and stock market indices," said Census Bureau economist Alfred Gottschalck in a press release.
Also See: Census 2010 Most Accurate Count Ever, But...
The median net worth of householders 65 and older fell from $195,890 to $170,128 (13%), while for householders under 35, the decrease was from $8,528 to $5,402 (39%).
The declines paid no respect to education levels, as people with high school diplomas their median net worth fall 39% and those with a bachelor's degree suffered a 32% decline.
Stay in School: In gross terms, however, the Net Worth and Asset Ownership tables demonstrated the importance of education to higher income. In 2010, persons with a bachelor's degree had a median net worth of $142,518, compared to $42,223 for those with a high school diploma. Those with graduate or professional degrees had an even higher net worth of $245,763.
In 2000, those with a bachelor's degree had a median net worth value almost twice as large as those with a high school diploma only; by 2010, this number had risen to almost three and one-half times as large.
Also See:
College Degree Nearly Doubles Annual Earnings
Education Greatly Boosts Women's Earnings
Wealthiest Members of Congress
Want more? NEWSLETTER | FACEBOOK | TWITTER
Comments
That educated people earn more is not proof that education increases earnings.