Posts Tagged median income

Are we really richer or poorer now?

Did you know…

1. The median family net worth in 1983 was $49,700. In 2004, it was $99,300?

2. Consumer spending per household was $37,900 in 1973 and $47,900 in 2005?

3. The total assets in mutual funds (in-inflation-adjusted) was $59.8 billionin 1972 and $10.4 trillion in 2006?

4. The average life expectancy for men and women born in 1972 was 71.2 years and is 77.9 years born in 2004?

5. The average size of a single family home in 1973 was 1,700sqft. In 2006, it’s 2,500sqft?

6. Female MBAs were 4 out of 100 in 1972 and 42 outof 100 in 2004?

This means we are wealthier, acquire more, invest more, living longer, have more space, and women prospered…

BUT!!!!!! Did you know…

7. The ratio of median home price to median income was 2.4 in 1972 and was 3.9 in 2005?

8. Credit card and other revolving debt per household in 1972 was $600, and was $7,300 in 2006?

9. Annual college tuition fees average at $2,200 for public, $9,000 for private during 1976, but is $5,800 for public, $22,200 for private in 2006?

10. Employer and individual paid insurance plus out of pocket spending per household on healthcare was $3,400 in 1972, and is $8,300 in 2005?

11. Family income increase between 1972 o 2005 using 2005 dollars indicates that the real progress in earnings are happening in the 95th percentile earner?

12. Private sector workers covered by defined benefits plans went from 43.7% in 1974 to 168% in 2004?

That means… Homes are a bigger burden now, our debt has gone up, college tuition have soared, healthcare costs are rising, much more money is made by the rich while the average earner is not making more today compared to yesterday, and pensions are fading…

In the end, we must think about what is important, what makes us happy.  Maybe sometimes less is more…

data source by Money Magazine October 2007.

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