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  • From: Bunjov AT aol.com
  • To: homestead AT lists.ibiblio.org
  • Subject: [Homestead] Fwd: Urban Institute Fact Sheet: U.S. Households and Their Assets
  • Date: Tue, 9 Dec 2008 12:58:51 EST

I didn't realize I was even subscribed to wherever-this-came-from, but it
just came in.

I have no idea how viable the figures are.

Sandy
Mid-Mojave



____________________________________
From: ECronen AT urban.org
To: ECronen AT urban.org
Sent: 12/9/2008 9:25:23 A.M. Pacific Standard Time
Subj: Urban Institute Fact Sheet: U.S. Households and Their Assets




THE URBAN INSTITUTE Fact Sheet

Office of Public Affairs, 2100 M STREET NW, WASHINGTON, D.C. 20037
(202) 261-5709; paffairs AT urban.org


A QUICK LOOK AT U.S. HOUSEHOLDS AND THEIR ASSETS
Source: Asset Building and Low-Income Families, edited by Signe-Mary
McKernan and Michael Sherraden, Urban Institute Press, 2008. Unless
otherwise
indicated, all statistics are for 2004.
Most common financial assets in the United States: checking and savings
accounts
Percentage of all families with a checking or savings account: 91
Percentage of families in bottom-fifth income ranking with a checking or
savings account: 76
Median dollars in these accounts, all families: 3,800
Median dollars in these accounts, bottom-fifth families: 600
Most valuable financial asset in the United States: a retirement account
Percentage of all families with a retirement account: 50
Percentage of bottom-fifth families with a retirement account: 10
Median dollars in these accounts, all families: 35,200
Median dollars in these accounts, bottom-fifth families: 5,000
Most common nonfinancial asset in the United States: a car
Percentage of all families with a car: 86
Percentage of bottom-fifth families with a car: 65
Most valuable nonfinancial asset in the United States: a home (any kind of
dwelling)
Percentage of all families that own a home: 69
Percentage of bottom-fifth families that own a home: 40
Median dollar value of home, all families: 160,000
Median dollar value of home, bottom-fifth families: 70,000
Median total debt, in dollars, held by homeowners: 95,800
Median total debt, in dollars, held by home renters: 7,800
Percentage of all families with debt greater than 40% of income: 12
Percentage of bottom-fifth families with debt greater than 40% of income: 27
Median net worth, in dollars, of bottom-fifth families: 7,500
Median net worth, in dollars, of middle-fifth families: 71,600
Median net worth, in dollars, of top-fifth families: 617,600
Growth in median net worth of bottom-fifth families, 1992–2004: 44% ($2,300)
Growth in median net worth of top-fifth families, 1992–2004: 94% ($298,500)
Percentage of asset-poor families1 in 1984 still so in 1994: more than 60
Percentage of income-poor families in 1984 still so in 1994: 42
Total assets of families in lowest income quintile compared to middle fifth’
s: 1:9
Total assets of families in lowest income quintile compared to top fifth’s:
1:48
Average assets, in dollars, of families headed by one adult: 83,400
Average assets, in dollars, of families with married or cohabitating adults:
265,800
Percentage of bottom-fifth dads whose sons remain in bottom fifth when they
grow up: 42
Percentage of top-fifth dads whose sons fell to the bottom fifth: 5
Percentage of bottom-fifth sons who reached the top fifth: 5
Federal tax breaks, in dollars, subsidizing assets (fiscal 2008 estimate):
407 billion
Percentage of subsidies going to top-fifth families (fiscal 2005): nearly 90
Percentage of subsidies going to bottom three-fifth families (fiscal 2005):
less than 3
Potential way to include low-income families in savings incentives: replace
tax deductions (e.g., for mortgage interest) with refundable tax credits
1A family is asset poor if it does not have enough to live on for three
months at the federal income poverty level.



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  • [Homestead] Fwd: Urban Institute Fact Sheet: U.S. Households and Their Assets, Bunjov, 12/09/2008

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