|
DEMOGRAPHIC ANALYSIS
<br />individual, the value of aperson's assets, includingcash, minus all liabilities. The amountby
<br />which the individual's assets exceed their liabilities is considered the net worth of that person.
<br />Data in the table is calculated as the total value of a househol
<br />(unsecured or secured by assets). Overall, the median net worth
<br />is about $215,064 and the average is $632,168.
<br />There is a strong correlation between household age and net wort
<br />age of 25 have substantially less net worth (median of $20,584) compared to households
<br />between the ages of55 and 64 (median of $250,001). Net worth declines as adults age into
<br />their seniorsyears, which is likely due to these households spending down assets to
<br />support their living costs following retirement?
<br />
<br />TABLE D-7
<br />NET WORTH BY AGE OF HOUSEHOLDER
<br />ELK RIVER
<br />(Number of Households)
<br />2015
<br />Age of Householder
<br />TotalUnder 2525-3435-4445-5455-6465 -7475+
<br />Less than $15,0001,0311013062031451335687
<br />$15,000 to $34,999401531258354421626
<br />$35,000 to $49,99926825906535281411
<br />$50,000 to $99,99995740278255157956171
<br />$100,000 to $149,99963814168140122856941
<br />$150,000 to $249,9991,034142232562171618677
<br />$250,000+3,77112106421,095861602359
<br /> Total 8,1002471,4011,6441,8261,405905671
<br />Median Net Worth$215,064$20,584$75,767$171,652$250,001$250,001$250,001$250,001
<br />Average Net Worth$632,168$45,783$158,099$445,138$735,457$983,767$1,151,689$578,786
<br />Data Note: Net Worth is total household wealth minus debt, secu
<br />in pension plans, net equity in vehicles, IRAs and Keogh account
<br />shares, stocks, etc. Examples of secured debt include home mortg
<br />credit card debt, certain bank loans, and other outstanding bill
<br />Finances, Federal Reserve Board. Detail may not sum to totals du
<br />Sources: ESRI; Maxfield Research & Consulting, LLC.
<br />With significant residual net worth in later life many seniors will have sufficient funds to
<br />cover the costs of living in senior housing alternatives. The sage 75+ seniors with
<br />little or no net worth will rely on public subsidies in order to
<br />that meet their needs.
<br />Households often delay purchasing homes and instead choose to re
<br />sufficient net worth to cover the costs of a down payment and closing costs associated with
<br />home ownership. This will be especially true in the short-term as tightening lending
<br />requirements make mortgages with little or no down payments more
<br />21
<br />MAXFIELD RESEARCH & CONSULTING, LLC.
<br />
<br />
|