Changes in U.S. Family Finances from 2010 to 2013: Evidence from the Survey of Consumer Finances

Source: Jesse Bricker, Lisa J. Dettling, Alice Henriques, Joanne W. Hsu, Kevin B. Moore, John Sabelhaus, Jeffrey Thompson, and Richard A. Windle, Federal Reserve Bulletin, Volume 100 no. 4, September 2014

From the abstract:
The Federal Reserve Board’s Survey of Consumer Finances for 2013 provides insights into the evolution of family income and net worth since the previous time the survey was conducted, in 2010. The survey shows that, over the 2010-13 period, the median value of real (inflation-adjusted) family income before taxes fell 5 percent, while mean income increased 4 percent. The differential movements in median and mean incomes are consistent with increased income inequality over the 2010-13 period, though some of that differential growth simply reversed the cyclical decrease in income inequality that occurred between 2007 and 2010. Both median and mean real family net worth were little changed over the 2010-13 period, and the data suggest that the distribution of net worth also became more unequal over this period. Offsetting changes in asset ownership rates and asset prices left the middle of the net worth distribution relatively unchanged, while the top and bottom of the net worth distribution moved in different directions. This article reviews these and other changes in the financial condition of U.S. families, including developments in assets, liabilities, debt payments, and credit market experiences.
Related:
The Top 10% of White Families Own Almost Everything
Source: Matt Bruenig, Dēmos, Policy Shop blog, September 5, 2014

…The top 10% of families own 75.3% of the nation’s wealth. The bottom half of families own 1.1% of it. The families squished in between those two groups own 24.6% of the national wealth. The present wealth distribution is more unequal than it was in 2010, the last year this survey was conducted. Specifically, the top 10% increased their share of the national wealth by 0.8 percentage points between 2010 and 2013. The bottom half and middle 40% saw their share of the national wealth fall by 0.1 and 0.7 percentage points respectively….