The median American household saw its wealth decline by more than one-third in the past decade, according to a new estimate published by the Russell Sage Foundation.
Researchers writing for the left-of-center think tank found that median net worth declined from $87,992 in 2003 to $56,335 in 2013. The study examined data from the Panel Study of Income Dynamics, a longitudinal survey of American households run by the University of Michigan.
Median household wealth peaked at just under $100,000 in 2007, right before the housing bubble burst and the financial crisis began. While the researchers for the Russell Sage Foundation found that households in the top 10 percent have recovered the wealth levels of 2003, lower-wealth households have not.
“There are very few signs of significant recovery from the losses in wealth experienced by American families during the Great Recession,” they wrote.Read more on WashingtonExaminer.com