Median Net Worth of Americans, Excluding Home (calculate, credit card, debt)
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Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Excluding the home means excluding the biggest asset for most people. Despite the bubble burst many still have several hundred thousand or even 1 million in equity.
Excluding the home means excluding the biggest asset for most people. Despite the bubble burst many still have several hundred thousand or even 1 million in equity.
Even if that's the case it's still a pathetic number on average. Built up equity only helps if you are going to sell, move and live elsewhere
How is that number calculated? Is it all your debts minus cash or close to cash assets? Is property included, like cars, RVs etc.
I believe it. Most people don't save, don't think about saving and thus have nothing to their name. The game has changed and people are still stuck in the mindset of the 1990's and before. I don't believe that a home is the best way to build wealth, although that idea was sold to us and a lot of people still believe it. It was true before when you could buy a house for $30K and then sell it for a million bucks in 20 years when the kids to go to college. I think it's unrealistic to think the same way today. The main reason we won't buy a home is because we want to be mobile. We want to say the job market is bad, the schools have gotten worse, or we just plain don't like the area anymore and be able to move. I see people pouring everything they got into their house. Aside from the mortgage, they take out second mortgages and home equity lines of credit to do up keep, remodel or just to fix the roof. Of course all that debt cuts into being able to save.
How is that number calculated? Is it all your debts minus cash or close to cash assets? Is property included, like cars, RVs etc.
I believe it. Most people don't save, don't think about saving and thus have nothing to their name. The game has changed and people are still stuck in the mindset of the 1990's and before. I don't believe that a home is the best way to build wealth, although that idea was sold to us and a lot of people still believe it. It was true before when you could buy a house for $30K and then sell it for a million bucks in 20 years when the kids to go to college. I think it's unrealistic to think the same way today. The main reason we won't buy a home is because we want to be mobile. We want to say the job market is bad, the schools have gotten worse, or we just plain don't like the area anymore and be able to move. I see people pouring everything they got into their house. Aside from the mortgage, they take out second mortgages and home equity lines of credit to do up keep, remodel or just to fix the roof. Of course all that debt cuts into being able to save.
I would disagree, because most Americans do not own their homes--their lenders do. The stats I've seen indicate that just 30% of Americans own their homes free and clear.
Quote:
Originally Posted by Hemlock140
Excluding the home means excluding the biggest asset for most people. Despite the bubble burst many still have several hundred thousand or even 1 million in equity.
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