The net worth of Americans doubled from 1983 to 2010, except for those aged 29-37 who saw a 21% decline due to the Great Recession. Younger Americans had higher mortgage and student loan debt, making it harder to save for the future. Americans under 35 paid off 29% of their debts from 2007 to 2010. Student loan debt exceeded credit card debt in 2013.
Net worth — the value of assets owned minus all debt — of Americans doubled, on average, from 1983 to 2010, with increases in all age groups except those 29-37. The term “American dream” is often used to refer to a desire for a higher standard of living than the previous generation. The 29-37 age group saw a 21% decline over the same age group in 1983. In 2007, home values began to decline during the Great Recession, which tended to affect younger Americans more because they generally they had mortgages with higher balances – often more than their homes were worth. They were also more likely to have higher student loan debt and a higher unemployment rate, which made it harder to pay off the debt and save for the future.
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From 2007 to 2010, Americans younger than 35 paid off a higher percentage of their debts — about 29 percent — than older Americans, who reduced their debt levels by just 8 percent.
The average household net worth is estimated to have nearly doubled from 1983 to 2010.
In early 2013, student loan debt exceeded credit card debt for the first time, at more than US$1 trillion.
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