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I wonder what the average net worth is in Medina, Washington? Both Jeff Bezos and Bill Gates live there?
The first hit on Google "median net worth Medina Washington gave:
https://www.point2homes.com/US/Neighborhood/WA/Medina-Demographics.html
Average Household Income $280,451
Median Household Income $188,080
Percent Increase/Decrease in Income Since 2000 40%
Percent Increase/Decrease in Income Since 2010 39%
Average Household Net Worth $1,267,004
Median Home Sale Price $1,480,000
Sales Tax Rate 8.6%
Average Household Total Expenditure $159,918
I didn't read the article, but I'm assuming net worth includes all assets, your house, which actually would make the liquid assets like savings pretty low for the "median" house hold.
( @MikeM - I tried not to mention Michigan because I gathered someone here is tired of hearing about it.) Yes, net worth includes all assets, including house, but also subtracts all debt before arriving at a number. That explains why 75+ year olds might score highest. I’d guess a higher percentage have their homes paid off.
It’s hard to look at these figures without getting a bit cynical. Walk very far through America and you’ll get a perspective. Multitudes on multitudes live in extremely small and humble abodes - often densely packed tract houses or manufactured homes. If you don’t want to walk, look out the window as your jet approaches any airport (less expensive housing flourishes near the flight paths) - or ride a bus into Manhattan from LGA and gaze at some of the neighborhoods you traverse.
I realize there aren’t many Jeff Bézoses on the board. But I’m willing to bet this is a fairly affluent group here and that might distort somewhat our impression of how “average” Americans live. It’s paradoxical, but theaverage American does not enjoy a standard of living anywhere near what those average net-worth figures represent.
The first hit on Google "median net worth Medina Washington gave:I wonder what the average net worth is in Medina, Washington? Both Jeff Bezos and Bill Gates live there?
No @hank, but where you live, the median value of $265,000 is probably pretty realistic. Average skews the data towards the high side because of the very rich.So the average U.S. household (over age 75) has a net worth in excess of one million dollars? Umm ... Not where I live.
Here's a visual:Repealing the SALT deduction would cut taxes by an average of about $370, but that’s largely because so many households would get no benefit at all. Among all those whose taxes are reduced, the average tax cut would be about $4,100. For all middle-income taxpayers, the average tax cut would be $10. Those in the top 1% would pay an average of $31,000, or 2% of after-tax income, less. Among those who get a tax cut, middle-income households would pay an average of $360 less while those in the top 1% would pay an average of about $34,000 less.
Do you not understand averages?So the average U.S. household (over age 75) has a net worth in excess of one million dollars? Umm ... Not where I live. Maybe elsewhere. That high net worth would seem strangely at odds with many states’ crumbling roads and infrastructure.
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