Household net worth falls 35%: Census

By Taylor Thomas

 

CHICAGO (MarketWatch)-- The U.S. Census Bureau on Monday said median household net worth declined 35% from 2005 to 2010, but excluding home equity net worth grew by 8% between 2009 and 2010. "The overall decline in net worth reflects drops in housing values and stock-market indices," said Census Bureau economist Alfred Gottschalck. Median net worth declined for all age groups; householders 65 and older experienced a 13% decline, compared with a 37% decline for those under 35. Householders age 35 to 44 experienced a 59% decline in median net worth, the largest decline of any age group. The gap based on education level has also grown: while in 2000 those with a bachelor's degree had a net worth two times as large as those with only a high school diploma, in 2010 their net worth was three and a half times as large, while those with graduate and professional degrees now have a net worth 5.8 times as large as those with high school diplomas.