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> I would classify a net worth of a few million to be wealthy. This describes many boomers that simply own a house.
by nailer 5y ago
> I would classify a net worth of a few million to be wealthy.
This describes many boomers that simply own a house.
- unclebucknasty 5y ago>This describes most boomers and older GenXs. It most assuredly does not.
- jlmorton 5y agoThe median net worth of the Baby Boomer generation in America is $1.2 million.
- gilbetron 5y agoMedian net worth of boomers is $200k, average net worth is $1.2m because there are a lot of very rich boomers. https://www.businessinsider.com/typical-baby-boomer-net-worth-debt-real-estate-retirement-2021-12#the-typical-boomer-has-a-median-net-worth-of-206700-6 https://www.businessinsider.com/typical-baby-boomer-net-wort...
- nailer 5y ago> Median net worth of boomers is $200k, average net worth is $1.2m That's not mathematically logical. 'Average' can be used to describe mean, median or mode.
- gilbetron 5y agoWhile average is more informal, it is the same as the mean, mathematically speaking. Some people may use it, well, informally, to represent other concepts, but the mathematical definition is quite clear.
- unclebucknasty 5y agoRight. And the point here is that the original comment implied that most people in that age bracket had a net worth of $1.2 million. So median is the relevant interpretation of average in that context. Your correction and interpretation are valid.
- nailer 5y agoYou’re right, I edited the comment shortly after posting it. Most boomers don’t have 3M in housing. But many do and owning a house on the coast is not considered remarkable.