Mean 1 🇨🇭 Switzerland$709,612 2🇱🇺 Luxembourg$607,524 3🇭🇰 Hong Kong $582,000 4🇺🇸 United States$564,862 5🇦🇺 Australia$546,184 6🇩🇰 Denmark$448,802 7🇳🇿 New Zealand$408,231 8🇸🇬 Singapore$397,708 9🇳🇴...
Mean
1 🇨🇭 Switzerland $709,612
2 🇱🇺 Luxembourg $607,524
3 🇭🇰 Hong Kong $582,000
4 🇺🇸 United States $564,862
5 🇦🇺 Australia $546,184
6 🇩🇰 Denmark $448,802
7 🇳🇿 New Zealand $408,231
8 🇸🇬 Singapore $397,708
9 🇳🇴 Norway $382,575
10 🇨🇦 Canada $375,800
Median
1 🇱🇺 Luxembourg $372,258
2 🇦🇺 Australia $261,805
3 🇧🇪 Belgium $256,185
4 🇭🇰 Hong Kong $206,859
5 🇳🇿 New Zealand $202,525
6 🇩🇰 Denmark $193,669
7 🇨🇭 Switzerland $171,035
8 🇬🇧 United Kingdom $163,515
9 🇳🇴 Norway $152,233
10 🇨🇦 Canada $142,587
Digging into the source data, the USA is sitting at 14th, around $112k. So the average is at $560k, median at $112k. And IIRC, the racial wealth gap is even more staggering, with medians for black...
Digging into the source data, the USA is sitting at 14th, around $112k.
So the average is at $560k, median at $112k. And IIRC, the racial wealth gap is even more staggering, with medians for black families being less than 15% of what white familes have.
I'm sure somebody better at math than me could tell me just how badly the top 10% wealthy are skewing those numbers.
It is mindboggling to me that the difference between the median and average is more than the estimated resale value of my home. Means we need to get some hefty wealth/estate/income taxes in place ASAP, with a sliding scale that makes it difficult to maintain a net worth in excess of say (fairly arbitrary number) $10 million.
I would tend to agree with you, but for the fear that whenever we "aim at the billionaires" we tend to hit the upper middle class instead. Because (and this is where the Catch-22 is) the...
I would tend to agree with you, but for the fear that whenever we "aim at the billionaires" we tend to hit the upper middle class instead. Because (and this is where the Catch-22 is) the billionaires have captured the legislative process: they will slow it down, poke holes in it and hired million-dollar lawyers to squeeze their billions through those holes. Then the upper-middle class revolts when they have to shoulder the burden of this charade and we end up with another Bush/Trump, making things even worse.
I guess I'm saying I agree with you, but I really see the best solution as re-empowering labor unions which were the best way to maintain this balance in the long IMHO.
Median house sale price in California seems to be $800k to 900k depending on where you look. Consider what happens to net worth when someone inherits a house.
Median house sale price in California seems to be $800k to 900k depending on where you look. Consider what happens to net worth when someone inherits a house.
This is going to vary so much by age that I’m not sure either mean or median over all ages tells us much about a “typical” individual (whatever that is).
This is going to vary so much by age that I’m not sure either mean or median over all ages tells us much about a “typical” individual (whatever that is).
In a way, it’s what’s supposed to happen, provided things go well. While working, you save for retirement and wealth should go up, then you retire and start spending it down. (And in many cases,...
In a way, it’s what’s supposed to happen, provided things go well. While working, you save for retirement and wealth should go up, then you retire and start spending it down. (And in many cases, there is inheritance at some point.) How often things go according to that plan is quite another question, but it will affect the averages.
I know that's how it's supposed to happen. I think it's a lot less likely to happen by the time we get to my generation for folks who didn't start out very well off. Even inheritances are likely...
I know that's how it's supposed to happen. I think it's a lot less likely to happen by the time we get to my generation for folks who didn't start out very well off. Even inheritances are likely to make less of a difference since the retirement savings of our parents are likely to be drained by healthcare and assisted living.
Yes, and meanwhile another trend is that people have fewer children, so often an inheritance gets divided up less when there is one. I'd guess the result is more variation (increased inequality)...
Yes, and meanwhile another trend is that people have fewer children, so often an inheritance gets divided up less when there is one.
I'd guess the result is more variation (increased inequality) depending on health and circumstances. And that's another thing averages don't tell you.
I'll highlight an ancedote from my life, because I think it demonstrates well what I've seen in both data and vibe pieces. My Boomer Aunt/Uncle were a schoolteacher turned admin in a rural school...
I'll highlight an ancedote from my life, because I think it demonstrates well what I've seen in both data and vibe pieces.
My Boomer Aunt/Uncle were a schoolteacher turned admin in a rural school district and navy civvy lifer respectively. Fairly run-of-the-mill middle-class jobs. Both came out of lower-class job households. Had 2 kids. They both retired by 60.
When they turned my age (40) 25ish years ago, they were celebrating paying off the first mortgage of their home... having already bought a lakeside cabin in a vacation spot 5 years prior.
They speak as though this is the typical experience in their age group. They are confused as to why I don't yet own a vacation home.
I see this in my workplace, from the batches of people whom have retired over the last 12 years. People who first entered the workforce starting in the 70s or 80s are retiring with full pensions and employer-provided health insurance for life, moving into their paid-off vacation homes, then renting out or giving their house to their kids.
And yes, there's certainly some degree of selection bias at play, my boomer in-laws have not fared nearly as well since they imploded the family business they inherited.
But there is this tone-deafness of the Boomer middle class, whom has untold wealth compared to the equivalent Millennial middle class. I'd best describe Millennial middle-class at 40 as 'just barely afforded a starter house by 35.'
The problem is that you refuse to buy a smaller house. Your parents' houses were significantly smaller. The fact that there are literally zero smaller houses that are not run down is not an excuse...
The problem is that you refuse to buy a smaller house. Your parents' houses were significantly smaller. The fact that there are literally zero smaller houses that are not run down is not an excuse for not buying one, BTW.
I see what you tried there, but not even in this ancedata lol. Their house is way larger than either of the ones I bought. Traded a beautiful 1945 colonial for a 1965 rancher that's been endlessly...
I see what you tried there, but not even in this ancedata lol. Their house is way larger than either of the ones I bought. Traded a beautiful 1945 colonial for a 1965 rancher that's been endlessly tweaked in a better school district. Miss the character, don't miss the lead paint and asbestos.
Heck, my parent's house was a custom-built split-level new build in the 80s. They paid much less (even adjusted for inflation) than I did, not even after accounting for land differences.
I'm not so sure of that. The house I grew up in is only slightly smaller than the one I was fortunate enough to buy ~3 years ago (something like a townhouse, except detached), but the difference...
I'm not so sure of that. The house I grew up in is only slightly smaller than the one I was fortunate enough to buy ~3 years ago (something like a townhouse, except detached), but the difference in price between the two, even adjusted for inflation, is staggering.
I believe that maybe the larger problem is that cheap homes are generally not found where jobs (and to a lesser extent, good schools) are abundant. To live anywhere near where either is decent you're going to be facing absurd prices.
Driving around Arlington and Fairfax County, VA, I'm always stunned to see the number of thirty-somethings who seem to own multi-million dollar homes. It's not just age.
Driving around Arlington and Fairfax County, VA, I'm always stunned to see the number of thirty-somethings who seem to own multi-million dollar homes. It's not just age.
Mean
1 🇨🇭 Switzerland $709,612 2 🇱🇺 Luxembourg $607,524 3 🇭🇰 Hong Kong $582,000 4 🇺🇸 United States $564,862 5 🇦🇺 Australia $546,184 6 🇩🇰 Denmark $448,802 7 🇳🇿 New Zealand $408,231 8 🇸🇬 Singapore $397,708 9 🇳🇴 Norway $382,575 10 🇨🇦 Canada $375,800Median
1 🇱🇺 Luxembourg $372,258 2 🇦🇺 Australia $261,805 3 🇧🇪 Belgium $256,185 4 🇭🇰 Hong Kong $206,859 5 🇳🇿 New Zealand $202,525 6 🇩🇰 Denmark $193,669 7 🇨🇭 Switzerland $171,035 8 🇬🇧 United Kingdom $163,515 9 🇳🇴 Norway $152,233 10 🇨🇦 Canada $142,587Pretty telling how the US is relatively high up for "mean" and not even in the top 10 for "median"
Digging into the source data, the USA is sitting at 14th, around $112k.
So the average is at $560k, median at $112k. And IIRC, the racial wealth gap is even more staggering, with medians for black families being less than 15% of what white familes have.
I'm sure somebody better at math than me could tell me just how badly the top 10% wealthy are skewing those numbers.
It is mindboggling to me that the difference between the median and average is more than the estimated resale value of my home. Means we need to get some hefty wealth/estate/income taxes in place ASAP, with a sliding scale that makes it difficult to maintain a net worth in excess of say (fairly arbitrary number) $10 million.
I would tend to agree with you, but for the fear that whenever we "aim at the billionaires" we tend to hit the upper middle class instead. Because (and this is where the Catch-22 is) the billionaires have captured the legislative process: they will slow it down, poke holes in it and hired million-dollar lawyers to squeeze their billions through those holes. Then the upper-middle class revolts when they have to shoulder the burden of this charade and we end up with another Bush/Trump, making things even worse.
I guess I'm saying I agree with you, but I really see the best solution as re-empowering labor unions which were the best way to maintain this balance in the long IMHO.
Median house sale price in California seems to be $800k to 900k depending on where you look. Consider what happens to net worth when someone inherits a house.
This is going to vary so much by age that I’m not sure either mean or median over all ages tells us much about a “typical” individual (whatever that is).
Yes, most of the boomers I know seem rich. The majority of those were American poor when I was growing up.
In a way, it’s what’s supposed to happen, provided things go well. While working, you save for retirement and wealth should go up, then you retire and start spending it down. (And in many cases, there is inheritance at some point.) How often things go according to that plan is quite another question, but it will affect the averages.
I know that's how it's supposed to happen. I think it's a lot less likely to happen by the time we get to my generation for folks who didn't start out very well off. Even inheritances are likely to make less of a difference since the retirement savings of our parents are likely to be drained by healthcare and assisted living.
Yes, and meanwhile another trend is that people have fewer children, so often an inheritance gets divided up less when there is one.
I'd guess the result is more variation (increased inequality) depending on health and circumstances. And that's another thing averages don't tell you.
The median tells you more there. America at #14 in the median versus high on the average.
I'll highlight an ancedote from my life, because I think it demonstrates well what I've seen in both data and vibe pieces.
My Boomer Aunt/Uncle were a schoolteacher turned admin in a rural school district and navy civvy lifer respectively. Fairly run-of-the-mill middle-class jobs. Both came out of lower-class job households. Had 2 kids. They both retired by 60.
When they turned my age (40) 25ish years ago, they were celebrating paying off the first mortgage of their home... having already bought a lakeside cabin in a vacation spot 5 years prior.
They speak as though this is the typical experience in their age group. They are confused as to why I don't yet own a vacation home.
I see this in my workplace, from the batches of people whom have retired over the last 12 years. People who first entered the workforce starting in the 70s or 80s are retiring with full pensions and employer-provided health insurance for life, moving into their paid-off vacation homes, then renting out or giving their house to their kids.
And yes, there's certainly some degree of selection bias at play, my boomer in-laws have not fared nearly as well since they imploded the family business they inherited.
But there is this tone-deafness of the Boomer middle class, whom has untold wealth compared to the equivalent Millennial middle class. I'd best describe Millennial middle-class at 40 as 'just barely afforded a starter house by 35.'
The problem is that you refuse to buy a smaller house. Your parents' houses were significantly smaller. The fact that there are literally zero smaller houses that are not run down is not an excuse for not buying one, BTW.
I see what you tried there, but not even in this ancedata lol. Their house is way larger than either of the ones I bought. Traded a beautiful 1945 colonial for a 1965 rancher that's been endlessly tweaked in a better school district. Miss the character, don't miss the lead paint and asbestos.
Heck, my parent's house was a custom-built split-level new build in the 80s. They paid much less (even adjusted for inflation) than I did, not even after accounting for land differences.
I'm not so sure of that. The house I grew up in is only slightly smaller than the one I was fortunate enough to buy ~3 years ago (something like a townhouse, except detached), but the difference in price between the two, even adjusted for inflation, is staggering.
I believe that maybe the larger problem is that cheap homes are generally not found where jobs (and to a lesser extent, good schools) are abundant. To live anywhere near where either is decent you're going to be facing absurd prices.
I believe they were being sarcastic.
Well now I feel silly.
Houses are small (~1000 square feet) in the old inner suburb where I live. But it's California so they aren't cheap.
Driving around Arlington and Fairfax County, VA, I'm always stunned to see the number of thirty-somethings who seem to own multi-million dollar homes. It's not just age.
Lived near or in then most of my life. I'm aware. These neighborhoods have changed a lot over the past few decades. It's hard to see sometimes.
A 2/1, renovated 1950s ranch, not super big, house a block from where I grew up sold a few months ago for $779,000. Absolutely nuts.
NOVA is the East coast Bay Area.