Distribution of Family Wealth, 1963 2016 1963 1983 2016 $12 million 99th percentile $10,400,000 $9 $6 $3 0 10th 50th 90th 10th 50th 90th $-19 $41,028 $238,860 $724 $82,746 $520,133 0 0 Source: Urban Institute calculations from Survey of Financial Characteristics of Consumers 1962 (December 31), Survey of Changes in Family Finances 1963, and Survey of Consumer Finances 1983 2016. Note: 2016 dollars. 99th percentile $1,457,201 95th $409,182 99th percentile $3,323,063 95th $959,196 10th 50th $-950 $97,300 95th $2,387,250 90th $1,186,570 0 10 20 30 40 50 60 70 80 90 0 10 20 30 40 50 60 70 80 90 0 10 20 30 40 50 60 70 80 90
Distribution of Family Income, 1963 2016 $200,000 $200,000 $182,826 $182,826 90th PERCENTILE 90th PERCENTILE $150,000 $150,000 3x $100,000 $95,268 13x 7x more $100,000 $95,268 2x more $50,000 $50,000 $47,026 50th PERCENTILE $64,959 $13,286 10th PERCENTILE $14,459 65 68 71 74 77 80 83 86 89 92 95 98 01 04 07 10 13 16 65 68 71 74 77 80 83 86 89 92 95 98 01 04 07 10 13 16 Source: Karen Smith, Urban Institute's tabulations from the Current Population Survey 1963 2017. Notes: 2016 dollars. Income here is measured as private income (e.g., earnings and dividends) plus cash government benefits. Income differences narrow when all taxes and transfers such as health insurance and in-kind government benefits are included, but private wealth does not change.
Average Family Wealth by Race/Ethnicity, 1963 2016 $1,000,000 $1,000,000 $919,336 $919,336 $750,000 $750,000 $500,000 2016 7x more $500,000 2016 5x more $250,000 1983, white families held 5x more wealth than black families $140,633 $139,523 $19,504 NON 1963 83 89 92 95 98 01 04 07 10 13 16 $250,000 $140,633 1983, white families held 5x more wealth than Hispanic families HISPANIC $19,504 NON 1963 83 89 92 95 98 01 04 07 10 13 16 $191,727 Source: Urban Institute calculations from Survey of Financial Characteristics of Consumers 1962 (December 31), Survey of Changes in Family Finances 1963, and Survey of Consumer Finances 1983 2016. Notes: 2016 dollars. No comparable data are available between 1963 and 1983. Black/Hispanic distinction within nonwhite population available only in 1983 and later. URBAN INSTITUiTE
Median Family Wealth by Race/Ethnicity, 1963 2016 $200,000 $200,000 $171,000 $171,000 $150,000 $150,000 $100,000 $100,000 $50,000 $47,655 1983, white families held 8x more wealth than black families 2016 10x more $50,000 $47,655 1983, white families held 11x more wealth than Hispanic families 2016 8x more NON $17,409 $2,467 1963 83 89 92 95 98 01 04 07 10 13 16 NON $20,920 $2,467 HISPANIC 1963 83 89 92 95 98 01 04 07 10 13 16 Source: Urban Institute calculations from Survey of Financial Characteristics of Consumers 1962 (December 31), Survey of Changes in Family Finances 1963, and Survey of Consumer Finances 1983 2016. Notes: 2016 dollars. No comparable data are available between 1963 and 1983. Black/Hispanic distinction within nonwhite population available only in 1983 and later.
Average Family Wealth for Those Born 1943 51 by Race $1,500,000 $1,338,360 $1,250,000 $1,000,000 $750,000 4x 5x 7x 10x 7x 6x $500,000 5x $250,000 $210,742 $63,444 3x more 3x 4x 5x $203,688 30s and 40s 40s and 50s 50s and 60s 60s and 70s Source: Urban Institute calculations from Survey of Consumer Finances 1983 2016. Notes: 2016 dollars. Hispanic sample size too small to show. Age is defined as the age of the household head. In 2016, these people were ages 65 73; in 1983, they were ages 32 40.
Median Family Wealth for Those Born 1943 51 by Race $500,000 $400,000 $317,510 $300,000 $200,000 4x 8x 3x 8x 7x 7x $100,000 $101,317 33x 3x 3x 8x $13,875 7x more $46,890 30s and 40s 40s and 50s 50s and 60s 60s and 70s Source: Urban Institute calculations from Survey of Consumer Finances 1983 2016. Notes: 2016 dollars. Hispanic sample size too small to show. Age is defined as the age of the household head. In 2016, these people were ages 65 73; in 1983, they were ages 32 40.
Average Accumulated Real Lifetime Earnings at Ages 58 62 for People Born 1950 54, by Gender and Race/Ethnicity $2.7 million $1.8 million $2.0 million $1.5 million $1.3 million $1.1 million Source: Melissa Favreault, Urban Institute's tabulations from the 2008 Survey of Income and Program Participation matched to Summary Earnings Records through 2012. Notes: 2015 dollars. These people are ages 58 62 in 2012. Excludes people outside US for more than 10 years of adulthood; this is especially important for Hispanics, who are more likely foreign born. Earnings are accumulated using assumed interest rates from the OASDI trustees report. HISPANIC HISPANIC MEN WOMEN
Homeownership Rate by Race/Ethnicity, 1983 2016 80% 70% 68% 60% 50% 44% 40% 43% 30% HISPANIC 68% 46% 42% 20% 10% 0% 1976 1980 1985 1990 1995 2000 2005 2010 2016 Source: Urban Institute calculations from Current Population Survey 1976 2017. 1976 2014 values from Census Historical Household Surveys, Table HH-5. 2015 16 values from Census Annual Statistics 2016, Table 22. Notes: White homeownership rate includes Hispanic whites. The 2016 homeownership rate for non-hispanic whites is 72 percent.
Average Family Liquid Retirement Savings, 1989 2016 $200,000 $150,000 $157,884 $100,000 $50,000 $32,649 $25,212 HISPANIC $28,581 $5,954 $7,122 1989 92 95 98 01 04 07 10 13 2016 1989 92 95 98 01 04 07 10 13 2016 1989 92 95 98 01 04 07 10 13 2016 Source: Urban Institute calculations from Survey of Consumer Finances 1989 2016. Notes: 2016 dollars. Liquid retirement savings include dollars in accounts such as 401(k), 403(b), and IRAs. Median liquid retirement savings for black and Hispanic families were zero from 1989 to 2013. Median liquid retirement savings for whites were zero through the mid-1990s, about $1,500 in 1998, and $10,000 in 2016.
Average Family Student Loan Debt for Those Ages 25 55, 1989 2016 $15,000 $12,000 $14,225 $11,108 $9,000 $7,494 $6,000 $3,000 HISPANIC $1,161 $1,100 $898 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 Source: Urban Institute calculations from Survey of Consumer Finances 1989 2016. Notes: 2016 dollars. Age is defined as the age of the household head.
Share of Families with Student Loan Debt for Those Ages 25 55, 1989 2016 50% 40% 42% 34% 30% 20% 18% 22% 10% 13% 10% HISPANIC 0% 1989 1992 1995 1998 2001 2004 2007 2010 2013 2016 Source: Urban Institute calculations from Survey of Consumer Finances 1983 2016. Note: Age is defined as the age of the household head.
Size and Distribution of Select Asset-Building Tax Subsidies, 2017 Bottom 20% Second 20% Middle 20% Fourth 20% Top 20% HOMEOWNERSHIP Mortgage interest deduction State and local property tax deduction RETIREMENT SAVINGS Employer-sponsored retirement plans Individual retirement accounts Saver's credit $25 $50 $75 $100 $125 $150 $175 $200 Billions of dollars Source: Updated estimates from Steuerle et al. (2014). Note: Income refers to the Tax Policy Center s expanded cash income measure, which is described in Rosenberg (2013).