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Working Paper Number SIPP-WP-237
Joseph M. Anderson
Component ID: #ti1462609631

Executive Summary

This report describes patterns of homeownership, home equity, and other assets and debts of U.S. households in 1995. The report presents the results of analysis of data on the homeownership, wealth, income, and socioeconomic characteristics of U.S. households in 1995. These data were collected by the U.S. Bureau of the Census in the Survey of Income and Program Participation (SIPP). The SIPP provides data on the income, assets, and demographic characteristics of large representative samples of the non-institutionalized population of the United States.

In 1995 64 percent of all U.S. households owned homes, about 63.7 million households. 36.6 million homeowners were in the age range 25-54 (58 percent of the total), and 19.3 million were 55-74 (30 percent). 36.8 million homeowners had incomes of $10,000-50,000 (58 percent), and 22.7 million had incomes greater than $50,000 (35.6 percent).

Median home equity of homeowners in 1995 was $50,000 and mean home equity was $68,000. Median home value was $85,000 and mean value was $106,500. Overall, home equity equals about 64 percent of home values.

Homeownership and home equity increase with age of head of household up to age 65-74, then decline. Among households with heads age 55-74, 80 percent are homeowners. Median home equity for homeowners ages 55-74 exceeds $70,000.

Homeownership and home equity increase with household income. 80 percent of households with incomes of $50,000-75,000 own homes, and 90 percent of households with incomes of $75,000 or more. Median home equity for homeowners with incomes of $75,000-100,000 is $70,000, and for homeowners with incomes of $100,000 or more, median is $112,000.

Home ownership and home equity vary by race and ethnicity. 69 percent of white households are homeowners, while 49 percent of black households own homes. Median home equity of white homeowners is $52,600 and of black homeowners, $32,500. White non-Hispanic homeowners median home equity is $54,400, while Hispanic homeowners median is $35,000.

Married couple households have greater home equity than households headed by singles, either living alone or with others. Median home equity for married couples is $53,600; for singles living alone median home equity is $48,000; and for single persons living with others it is $44,000. For single females with minor children it is $26,100.

Median net worth of homeowners is $85,800, and mean net worth is $141,400. Overall, home equity accounts for about 49 percent of the net worth of homeowners. Median net financial assets of homeowners is $5,300 and mean net financial assets is $40,000. Median net financial assets of homeowners with incomes of $75,000-100,000 is $26,700, and for incomes of $100,000 or more, median net financial assets is $50,000.

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