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What data shows median net worth around $100k? Does that include a house? Median household savings discluding a house, at retirement age, is just barely $100k
by dmoy 7y ago
What data shows median net worth around $100k? Does that include a house?
Median household savings discluding a house, at retirement age, is just barely $100k (that is, enough to support retirement income above social security of a wopping ~$5k/year).
- ikeboy 7y agoFederal reserve including all assets and subtracting all debts. If you owe 300k on your house that's worth 400k, you might have a liquidity problem but you aren't poor.
- dmoy 7y agoTrue but you might have a hard time covering an emergency $1k expense. There's also a colloquial phrase for it - house poor.
- mattkrause 7y ago"Liquidating" a house is slow and relatively expensive. You're probably losing a decent chunk of that $100k if done in a rush (and of course, you need somewhere else to live too). Another chunk of that $100k is probably tied up in a car, which has the same problems.
- ikeboy 7y agoSure, but credit is cheap and easy. You can get a HELOC easily.