Community Corner
Federal Reserve Says Family Net Worth Drops
According to the Federal Reserve, today's American family is no more wealthy than the level of the early 1990s.
The Federal Reserve released statistics Monday showing that the net worth of a American family in today's economy is equivalent to a family in the early 90s.Â
In 2010, the median family net worth was $77,300, as opposed to 2007, where the median family net worth was $126,400.
The Federal Reserve attributes the loss to the crash of the housing market.Â
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In addition, the median household income fell from $49,600 in 2007 to $45,800 in 2010.Â
Read the full story here.Â
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