Neon Tommy - Annenberg digital news

Average American Families See Huge Drop In Net Worth

Catherine Green |
June 12, 2012 | 9:22 a.m. PDT

Executive Producer

The discouraging news came in the Federal Reserve's triennial study released Monday. (Mark Kelly/Flickr)
The discouraging news came in the Federal Reserve's triennial study released Monday. (Mark Kelly/Flickr)
The net worth of the average American family dropped nearly 40 percent between 2007 and 2010, according to a new report by the Federal Reserve out Tuesday.

CNN Money broke down the study, which found the median net worth had dropped from $126,400 in 2007 to $77,300 in 2010. 

According to the report, "the recession wiped away 18 years of savings and investments by families."

And though the stats are a bit stale, the findings are still indicative of the housing crisis' impact on the nation. 

Meanwhile, income levels also saw a sharp decline over those three years of about 7.7 percent.

Read the full story here; check out more of Neon Tommy's economic coverage here

 

Reach Executive Producer Catherine Green here; follow her here.

 



 

Live On Twitter

Buzz

A Look Back At L.A.'s Most Significant Mayors And The Work That Remains For Tuesday's Winner

We take a look at two of L.A.'s most significant mayors and see what Tuesday's election winner must do to fill their shoes.

 


Leave a comment

Name
E-mail*
URL
Comments*