According to recent research, the average net worth of U.S. households is $1.06 million, but the median net worth is much lower at $192,900. These numbers can vary widely depending on where you live. For example, the median net worth in one state might be significantly different from another.
So, what’s the median net worth in our state? It’s important to compare yourself using the median rather than the average. The median gives a better picture of what most people have because it isn’t affected by extremely high or low values.
Your net worth is calculated by subtracting your debts from your assets. Assets include everything you own that has value, like cash, investments, retirement accounts, and real estate. Liabilities are your debts, such as mortgages and credit card balances.
Curious about our state’s median net worth? It’s $207,700. Plus, the median home equity is $175,000.
Understanding these numbers can give you insight into your financial health. A solid net worth can help with getting loans or credit and can provide a safety net for unexpected life events. So, how do you measure up?
