This is kind of alarming to say the least. The Federal Reserve reported this week:
The average American family’s household net worth declined 23% between 2007 and 2009, the Federal Reserve said Thursday.
A rare survey of U.S. households, first performed in 2007 but repeated in 2009 in order to gauge the effects of the recession, reveals the median net worth of households fell from $125,000 in 2007 to $96,000 in 2009 [….]
Federal Reserve officials said Thursday the new report offers a look at exactly how hard the recession hit families, and how they reacted.
The numbers paint a stark picture.
Families that owned stock saw their portfolios drop by more than a third to $12,000 from $18,500, on average. The value of primary real estate holdings decreased by an average of $18,700.
And families took on more debt, pushing median total debt levels to $75,600 from $70,300. They also made less money. Media household income dropped to $49,800 from $50,100.