Net Worth of Older Households: 2000

The net worth (assets minus liabilities) of households increases with age until age 74 and declines somewhat from age 75. The median net worth of the elderly households (with a householder aged 65+) in 2000 was $108,885 as compared to $55,000 for the total population. The largest asset type is home ownership which accounts for $85,516 or 78.5% of this net worth. Over 78% of elderly households own their own home. Other major asset types owned by the elderly include: stock and mutual funds (29%), regular checking accounts (31%), interest-earning accounts at financial institutions (71%), IRA and Keogh accounts (25%), and motor vehicles (78%).

There are major differences in the median net worth of different household types. Elderly married couple households have a median net worth of $173,950 ($57,586 when home equity is excluded). Male households have a median net worth of $84,000 ($15,375) when home equity is excluded). Female households have a median net worth of $76,000 ($10,475 when home equity is excluded).

This household net worth is not found in all segments of the elderly population. Almost 70% of elderly households have a net worth of at least $50,000 and another 9 % have a net worth of $25,000 to $49,999. On the other hand, about 22% of elderly households have a net worth of less than $25,000 – 6.5% have a zero or negative net worth and another 7% have a net worth of $1-4,999.

Source: Census Bureau (Off Site)

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