Yikes! Over the 2007–10 period, the median value of real (inflation-adjusted) familyincome before taxes fell 7.7 percent; median income had also fallen slightly in the preceding three-year period (figure 1). This according to The Federal Reserve Board’s Survey of Consumer Finances (SCF) for 2010 which provides insights into changes in family income and net worth since the 2007 survey.
The decline in median income was widespread across demographic groups, with only a few groups experiencing stable or rising incomes. Most noticeably, median incomes moved higher for retirees and other nonworking families. The decline in median income was most pronounced among more highly educated families, families
headed by persons aged less than 55, and families living in the South and West regions.
Read more here: Federal Reserve Board’s Survey of Consumer Finances for 2010
Tracey C. Velt is a writer, blogger and editorial strategist who specializes
in the business of real estate. For the past six years, she's been writing
and editing for REAL Trends, is the editor of the REAL Trends blog and the editor of LORE magazine. Prior to that, she served as an editor for
Florida Realtor magazine and continues to contribute to multiple real estate
publications, both in print and online.
