US Family Income Down 18% Post-Crisis: Fed
American families have seen their incomes slide by almost a fifth since before the financial crisis, according to a study released by the Federal Reserve on Thursday.
The survey, which revisited almost 4,000 families who were also interviewed before the recent economic downturn, found that their median income fell by more than 18 percent since 2007.
More than 63 percent of the families interviewed saw their wealth decline from 2007-2009. At the same time, average total debt rose in the group, to $75,000 from $70,000.
Median wealth—or the total value of families' assets—dropped to $481,000 from $595,000 during the period, the survey also found.
The wealthiest families took the largest hit over the two-year period, as they suffered disproportionately large losses in capital gains and business income.