Economy

The Great Recession Drove Median Family Wealth To Its Lowest Level Since 1992

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American families’ median wealth dropped from $126,400 in 2007 to $77,300 in 2010, according to a new survey of consumer finances from the Federal Reserve. The 39 percent drop brings average net worth to the same rate as it was in 1992, due mostly to a significant plunge in the worth of families’ homes. Despite some signs that the economy is stabilizing, the Fed points out that this type of recovery has not yet begun to affect the results of their consumer survey — indicating that American households are still struggling to regain their footing after the recession.