American Finance has recently been strained in a variety of ways, from stimulus checks to pandemic fear and sky-high living expenses. Certain tendencies are beginning to emerge as the dust has begun to settle. To find out how your financial condition stacks up, look at these statistics.
American Finance Stats:
66% Of Americans Are Homeowners
Low mortgage rates and great demand helped drive home prices to historic highs last year. Nevertheless, the Census Bureau reports that as of the end of 2022, homeownership rates were 65.9%.
37% Of Households Could Not Make It Through A Month Without Their Income
2022 American Finance Making Ends Meet poll by the Consumer Financial Protection Bureau (CFPB) found that nearly 4 in 10 American households would not have enough money to last them a month if they lost their primary source of income.
People Owe A Combined Sum Of Roughly $17 Trillion
Data from the American Finance Federal Reserve Bank of New York show that at the end of 2022, the total balance of consumer debt was a staggering $16.9 trillion. According to Experian, each American has an average amount of $101,915, with Gen X having the greatest overall balances.
The Average Credit Card Amount In America Is Almost $5,800
According to a recent American Finance TransUnion estimate, by the end of 2022, each borrower in America will have an average credit card debt of $5,805.
A little good news is also here: Delinquency rates are still low, according to the New York Fed, after falling throughout the epidemic.
The Typical American Has $65,000 Saved For Retirement
The 2019 Survey of Consumer Finances by the Federal Reserve shows that the typical American had $65,000 in retirement savings.
50% Of Americans Are In Debt
More than 50% of households have either loaned or borrowed money from friends and relatives. In the previous year, more than half of the households polled by the CFPB reported giving or receiving financial assistance from friends and family (51.8%).
