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Monday, June 25, 2012

Eating the young: Generation X took biggest wealth hit with implosion of Fed-engineered housing bubble

Gen X may have taken biggest hit in economic downturn

...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.

In terms of actual dollars lost, 45- to 54-year-olds took the biggest hit. For households in that age range, median net worth declined by $54,881, to $90,434. That’s a 38 percent drop from 2005, calculated in 2010 dollars.

Overall, the study found that median household net worth in the United States declined by 35 percent between 2005 and 2010, to $66,740. The housing bust and stock market declines were mainly to blame for the drop...

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...MORE...LINK

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