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5 The State of American Finances

The American Family

The Facts

  • In 2014, average family size:

    3.13 members

  • In May 2015, median household income:

    blue wallet $55,192

  • family badge

    In 2013 43% of familes included children (sons, daughters, stepchildren, or adopted children) under age 18.

  • family badge

    In 2013 59.7% of married-couple families with children had two working parents.

Current Financial State

  • Family income is on the rise, with the mean (overall average) family income rising 4 percent from 2010 and 2013.
  • In 2013, 9.6 percent of families included an unemployed person.
  • Married couples with children under the age of 18 had a median household income of $85,087 in 2013.
  • In 2014, 64 percent of Americans owned their homes (not renting or leasing).
  • Only 59 percent of Americans have savings of more than $500.
  • In recent years debt obligations have begun to fall. Between 2010 and 2013, median debt declined 20 percent, and mean debt decreased 13 percent for families with debt.
  • 35 percent of Americans currently have a debt in collections.
  • At the end of 2014, the total outstanding consumer debt in America was $3.3 trillion.
  • Of that $3.3 trillion, $889 billion was revolving debt (i.e. credit card debt) and $2.4 trillion was non-revolving (i.e. mortgage loan, auto loan, etc.).

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