How Do Louisiana Residents Measure Up Against National Averages of Net Worth by Age?

The concept of net worth isn't reserved for celebrities who make millions; it's a financial touchstone for everyone, and a recent Federal Reserve report has given us all a yardstick to measure our economic standing. As residents of Louisiana, it’s time to ask ourselves—how do we compare to the average American when it comes to net worth by age?

The Federal Reserve’s Survey of Consumer Finances, released in October and mainly reflecting data from 2022, indicates a marked increase in household net worth across the United States. The report reveals that the median net worth of U.S. households jumped 37% since 2019, reaching $192,900, while the average soared to $1,063,700, a 23% increase. The disparity between the median and average figures points to the influence of the wealthiest—skewing the average net worth significantly higher.

In Louisiana, where the spirit of resilience has always been a cornerstone of our community, this data prompts a moment of introspection. How have the economic changes, the pandemic savings, and the so-called "unusual income" reported by many affected our financial health? It’s time to take out the calculators and tally the balance sheets.

By the way, for those wondering how to calculate net worth, you can use this trusty resource but it comes down to what you own outright minus what you owe.

For those under 35, the median net worth now stands at $39,000, with an average of $183,500. As ages increase, so does net worth, peaking at $409,000 median and $1,794,600 average for those between 65-74. Interestingly, the 75+ age group sees a slight dip, suggesting a trend that might spark discussions around retirement and savings strategies in our local communities.

In addition to these figures, the survey notes a small uptick in homeownership nationwide, now at 66.1%. For homeowners, the median net housing value has climbed from $139,100 to $201,000—an interesting statistic considering the real estate dynamics that many in Louisiana are witnessing firsthand with the recent climb in interest rates.

This data begs the question for every Louisianian: Where do you stand on this spectrum? With the FDIC’s net worth calculator just a click away, it’s an opportune moment to gauge your financial wellbeing. Are we, as a community and a state, keeping pace with the national economic growth? Or are there unique challenges and opportunities that we face here along the Gulf Coast?

So, as you delve into your finances, consider this a call to action. Let’s start a conversation about where we stand and where we're headed. After all, our net worth is more than just numbers—it's a reflection of our life’s work, our resilience, and our legacy. Let’s see how we measure up in The Boot!

To view the full Federal Reserve report and see how you compare, click here. Your financial health might just surprise you.