American Families Lose 40 % of Net Worth in 3 Years.
The biggest drops occurred among middle-income Americans, whose wealth was inextricably linked to the housing market boom and bust. Meanwhile, the wealthiest families actually saw their median income rise slightly.
The data represents one of the most detailed looks so far how Americans’ finances have weathered the economic downturn. It underscores both the depth of the wounds of the financial crisis and how far many families remain from healing.
“It’s hard to overstate how serious the collapse in the economy was,” said Mark Zandi, chief economist for Moody’s Analytics. “We were in freefall.”