New Fed Study: From 2007-2010, Median Family Income Fell 7.7%, Median Family Net Worth Fell 38.8%

Can’t wait to see 2010 – 2012…


Changes in U.S. Family Finances from 2007 to 2010: Evidence from the Survey of Consumer Finances

Jesse Bricker, Arthur B. Kennickell, Kevin B.Moore, and John Sabelhaus, of the Board’s Division of Research and Statistics, prepared this article with assistance from Samuel Ackerman, Robert Argento, Gerhard Fries, and Richard A.Windle.

The Federal Reserve Board’s Survey of Consumer Finances (SCF) for 2010 provides insights into changes in family income and net worth since the 2007 survey.1 The survey shows that, over the 2007–10 period, the median value of real (inflation-adjusted) family income before taxes fell 7.7 percent; median income had also fallen slightly in the preceding three-year period (figure 1). The decline in median income was widespread across demographic groups, with only a few groups experiencing stable or rising incomes.Most noticeably, median incomes moved higher for retirees and other nonworking families. The decline in median income was most pronounced among more highly educated families, families headed by persons aged less than 55, and families living in the South and West regions.

Real mean income fell even more than median income in the recent period, by 11.1 percent across all families. The decline in mean income was even more widespread than the decline in median income, with virtually all demographic groups experiencing a decline between 2007 and 2010; the decline in the mean was most pronounced in the top 10 percent of the income distribution and for higher education or wealth groups. Over the preceding three years, mean income had risen, especially for high-net-worth families and families headed by a person who was self-employed.

The decreases in family income over the 2007−10 period were substantially smaller than the declines in both median and mean net worth; overall, median net worth fell 38.8 percent,
and the mean fell 14.7 percent (figure 2).Median net worth fell for most groups between 2007 and 2010, and the decline in the median was almost always larger than the decline in the mean. The exceptions to this pattern in the medians and means are seen in the highest 10 percent of the distributions of income and net worth, where changes in the median were relatively muted.

Full report below…



Changes in U.S. Family Finances from 2007 to 2010

5 Responses to “New Fed Study: From 2007-2010, Median Family Income Fell 7.7%, Median Family Net Worth Fell 38.8%”
  1. Equity Free says:

    Shared sacrifice from our leaders . They don’t give a hoot about us .
    Last Friday house members voted to protect their own office expense accounts from budget cuts .
    The vote was 307-102 .
    They have been trying to cut domestic agency budgets by 5 % . But when it came to their own staff, travel
    and office expenses, they opted to freeze their budget at last years 574 million .

  2. lies is all they tell says:

    well of course Faith, have to keep us down and keep them growing. aslong as they continue to own congress they will continue to keep contributing. think of this tidbit i learned researching my foreclosure. wells fargo states fnm is my investor who is in government recievorship right? i read in a ILLINOis bankeer association meeting that fnm never assigns mortgages. not even before fore closure. we can go over a few possibilites.
    when the mortgages are sold to an investor the original promissory note becomes null and void it is no longer a negotiable instrument. it become non-negotiable instrument. now think about it if they assign a note of a null and void note it is fraud on the court right? but how can they fraud themselves???? strange thought. now take wells fargo, chase, BOA, they file assignments not when they should before the trust closes if it is even in a trust but a few days before foreclosure or even after the foreclosure is filed. they dont care at least 90% of the homeowners think the bank still owns their mortgage and walk away or try to negotiate a modification. lied to told to default, denied a modification and foreclosed on by the dual track. i wonder if there is back door agreement with fnm and fdnc that when the back receives the CDS insurance and sell the home they get a %???? athought any way you have to think outside the box people

  3. Faith says:

    Tax contributions to politicians of over $1000. by 100%

  4. Bill says:

    All of us are hurting from lack of Government Oversight. If Teachers, police and Firefighters, and the like are having to take pay-cuts, I think Congress, and all of the Employees of the Federal Government ought to be taking at least 20% cuts, (just to start). The American People ARE the Government. the People should not be punished like this due to a relative handful of High-end Government employees. Have the Lobbyists pay the People, not the government. (Please do not confuse my using of the “People are the Government” with the officials who are paid to act on our behalf.

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