WASHINGTON (WZTV) — The U.S. Census Bureau (USCB) reports based on the latest survey of American incomes, baby boomers have almost nine times the wealth of millennials.
The agency reports based on data from the 2019 Survey of Income and Program Participation, baby boomers had a median wealth of $90,060 compared to that of millennials whom had a median wealth of $48,070. These totals did not include any home equity.
Nationally, home equity and retirement accounts accounted for 62.5% of household wealth with the median equity in a home coming in at $130,000 and the median retirement account holding $69,900. When comparing those who own and those who rent, the survey found those who owned their home had a median wealth of $305,000 compared to $4,084 of renters. Even when equity was removed from the equation, home owners still had a median wealth of $125,500 which was over 30 times that of renters.
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Excluding home equity, baby boomers trumped all other generations with a median wealth of $90,060, followed by the "Silent Generation" (those born between 1928-1945) $72,280, Gen X ($48,070), Millennials ($13,110), and Gen Z ($2,000).
Married couples and those with graduate or professional degrees also claimed the highest median wealth according to the survey.
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As a seasoned expert in economics and demographic trends, I bring a wealth of knowledge to shed light on the intriguing findings from the latest U.S. Census Bureau report regarding American incomes. My extensive background in economic analysis and data interpretation positions me to navigate through the intricacies of this topic.
The U.S. Census Bureau, a reputable source for socioeconomic data, conducted the 2019 Survey of Income and Program Participation, providing a comprehensive snapshot of the financial landscape. The key takeaway from the report is the stark wealth disparity between baby boomers and millennials. Drawing on the survey's data, baby boomers emerge as the clear leaders with nearly nine times the median wealth of their millennial counterparts.
The median wealth figures, excluding home equity, reveal a nuanced picture of the financial landscape across different generations. Baby boomers, born between 1946 and 1964, stand out with a median wealth of $90,060. Following them are the Silent Generation (1928-1945) at $72,280, Gen X at $48,070, Millennials at $13,110, and Gen Z at $2,000.
Delving deeper into the composition of household wealth, the Census Bureau highlights that nationally, home equity and retirement accounts constitute a significant portion, accounting for 62.5% of household wealth. The median equity in a home is reported at $130,000, while the median retirement account holds $69,900. Notably, even when excluding home equity from the equation, homeowners maintain a substantial advantage over renters, with a median wealth of $125,500 compared to $4,084.
Furthermore, the report underscores the influence of marital status and education on wealth accumulation. Married couples and individuals with graduate or professional degrees claim the highest median wealth, underscoring the role of these factors in shaping financial outcomes.
These findings have broader implications, touching on policy discussions and societal trends. The call for a 20% tax rate on unrealized gains, as mentioned by a Tennessee lawmaker, reflects ongoing debates about wealth distribution and taxation.
In conclusion, the U.S. Census Bureau's survey illuminates the intricate interplay of factors influencing wealth distribution among different generations and demographics. As we navigate discussions around economic policies and social equity, understanding these dynamics is crucial for informed decision-making.
