5 The State of American Finances
In 2014, average family size:
In May 2015, median household income:
In 2013 43% of familes included children (sons, daughters, stepchildren, or adopted children) under age 18.
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.).