Are You Richer Or Poorer Than Your Peers? Here’s A Look At The Average Net Worth For Your Income

Pelican Press · November 3

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Are You Richer Or Poorer Than Your Peers? Here’s A Look At The Average Net Worth For Your Income

Ever wondered

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You’re not alone. We often think about where we stand compared to others financially – though few of us like to admit it. Getting a sense of your financial health can be motivating, especially when it’s not about competition but about setting realistic goals for yourself.

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What is Net Worth, Really?

Before diving into numbers, clarifying what “net worth” means is important. Simply put, it’s what you own (assets) ****** what you owe (liabilities). Assets include things like your home, car, investments and savings. Liabilities are things like mortgages, credit card debt and student loans. Think of net worth as a quick snapshot of your financial health. It’s a ******* picture than income alone, revealing how much you’ve kept.

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Net Worth by Income Level

According to the Federal Reserve’s latest data, here’s how net worth varies across different income brackets:

Under $34,600: Median net worth of $14,000, average of $129,700

$34,600-$59,499: Median of $71,000, average of $218,700

$59,500-$91,899: Median of $159,300, average of $385,400

$91,900-$153,099: Median of $307,200, average of $636,800

$153,100-$245,399: Median of $747,000, average of $1,264,700

$245,400 and higher: Median of $2,556,200, average of $6,629,600

According to Pew Research, an

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is 33 times higher than a lower-income household’s. These numbers show that higher income often aligns with higher net worth but it’s not a guarantee. How you manage money plays a huge role here.

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What You Can Learn from the Data

There are a few standout takeaways:

Median vs. Average: The U.S. household median net worth is $192,700, while the average is around $1.06 million. The gap highlights how high-net-worth individuals skew the overall average.

Age Matters: Net worth tends to peak for those aged 65-74, averaging around $1.78 million. Years of saving and investing build up.

Education’s Impact: A college degree matters here – graduates have over 11 times the net worth of people without a high school diploma.

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Location, Location, Location: Urban dwellers typically have higher net worthy than those in rural areas, largely due to property values.

Wealth Gap: Unfortunately, the ******* wealth gap ******** stark, with white households holding considerably higher net worthy on average than ****** and Latino households.

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Steps to Boost Your Net Worth

Regardless of where you currently fall, there are practical ways to improve your financial standing:

Comparing your finances to others can motivate you, but remember that everyone’s journey is different. Focus on realistic, personal goals that fit your life. Building wealth takes time – it’s a marathon, not a sprint. With steady, smart choices, you’ll see growth in your net worth over time. Regardless of where you stand now, there’s always room to move toward a more secure financial future.

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