What is the average net worth by age in the United States?
There are many ways to calculate net worth, but for the purposes of this article, we will use the calculation that includes all assets (property, savings, investments, etc.) minus any debts and other liabilities.
According to a recent study by the Federal Reserve, the average net worth for Americans is $97,300. However, this number varies widely by age group.
For example, households headed by someone under the age of 35 have an average net worth of just $13,900, while households headed by someone over the age of 65 have an average net worth of $194,100.
So what does this mean in terms of net worth by state? Well, it turns out that there is quite a bit of variation from state to state.
For example, the average net worth for households in Minnesota is $345,100, while the average net worth for households in Mississippi is just $61,100.
Of course, there are a number of factors that can contribute to this variation, including the cost of living in each state, the median income level, and the percentage of residents with college degrees.
But regardless of the reasons for the differences, it’s clear that there is a wide range of net worths across the country.
Whether you’re looking to compare your own net worth to the national average or you’re curious about how your state stacks up, be sure to check out the list below.
List of states of average net worth:
- Minnesota: $345,100
- Mississippi: $61,100
- Montana: $228,700
- Nebraska: $231,200
- Nevada: $201,900
- New Hampshire: $316,000
- New Jersey: $268,800
- New Mexico: $129,600
- New York: $292,700
- North Carolina: $257,400
- North Dakota: $293,200
- Ohio: $231,900
- Oklahoma: $188,700
- Oregon: $265,700
- Pennsylvania: $248,500
- Rhode Island: $219,400
- South Carolina: $224,700
- South Dakota: $262,200
- Tennessee: $236,700
- Texas: $264,400
- Utah: $324,000
- Vermont: $233,600
- Virginia: $283,000
- Washington: $286,500
- West Virginia: $144,100
- Wisconsin: $234,700
- Wyoming: $268,500
As you can see, there is quite a bit of variation in net worth from state to state. Interestingly, the states with the highest average net worth are not necessarily the most populous or most economically prosperous states.
For example, Vermont has a relatively small population and is not considered to be a wealthy state, yet it has a higher average net worth than both Texas and California.
What is the average net worth by age group?
Households headed by someone under the age of 35 have an average net worth of just $13,900, while households headed by someone over the age of 65 have an average net worth of $194,100.
For households headed by someone under the age of 35, the top 10% have an average net worth of $56,000 while the bottom 10% have an average net worth of just $-6,100.
For households headed by someone over the age of 65, the top 10% have an average net worth of $817,000 while the bottom 10% have an average net worth of just $-10,000.
What factors contribute to net worth?
There are a number of factors that can contribute to net worth, including the cost of living in each state, the median income level, and the percentage of residents with college degrees.
How does net worth vary by household income?
There is a wide range in net worth by household income. The top 10% of households have an average net worth of $1,174,000 while the bottom 10% have an average net worth of just $3,500.
What is the correlation between net worth and education level?
There is a positive correlation between net worth and education level. households headed by someone with a college degree have an average net worth of $280,000 while households headed by someone without a college degree have an average net worth of just $51,000.
What is the correlation between net worth and race/ethnicity?
There is a significant correlation between net worth and race/ethnicity. White households have an average net worth of $139,500 while black households have an average net worth of just $9,730. Latinos have an average net worth of $21,900 while Asians have an average net worth of $64,700.
What is the correlation between net worth and marital status?
There is a positive correlation between net worth and marital status. Married couples have an average net worth of $178,600 while single households have an average net worth of just $48,000.
How do net worths change over time?
Net worths tend to increase with age. The average net worth for households headed by someone under the age of 35 is $13,900 while the average net worth for households headed by someone over the age of 65 is $194,100.
How to increase your net worth
There are a number of things you can do to increase your net worth, including:
- Invest in yourself by getting a college degree
- Live below your means and save regularly
- Make smart financial decisions
No matter what your net worth is, remember that it’s never too late to start increasing it. By following the tips above, you can start building your wealth and achieving your financial goals.
How to track your net worth
If you’re not sure where to start when it comes to tracking your net worth, there are a few things you can do:
- Use a net worth calculator: This will help you to determine your net worth by taking into account your assets and liabilities.
- Make a list of your assets and liabilities: This will help you to keep track of what you own and what you owe.
- Check your credit report: This will give you an idea of your net worth by showing you your credit score and the balances of any outstanding debts.
- Use a budgeting app: This can help you to track your spending and saving so that you can see how much progress you’re making in increasing your net worth.
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