how much money does the average american have

The top 1% of wage earners in the US contribute 20% of American annual income. Which of the following distributions in a life insurance policy is taxable? American households had an average bank account balance of $41,600 in 2019, according to data from the Federal Reserve. Compare that with a major in the health field, which has a median wage of $53,000 at ages 25-34 and grows to a median wage of $72,000 by ages 45-59. How long does mortgage company have to refund escrow after payoff? What do you do if you inherit a lot of money? According to 2016 data from the Bureau of Labor Statistics, the average 65-plus household spends $ 48,885 a year, resulting in about $ 4,000 a month. The report, which surveyed 2,000 U.S. adults ages 40-79 with at least $25,000 in investable assets, finds many Americans may have a ways to go, even those approaching their golden years. From ages 25-34, the median wage is $60,000 and will increase to a median wage of $90,000 by ages 45-59. The bigger the pot, the more it can afford. And one in four come from the lower-middle class. At age 65: $2,993. Some experts recommend adding 30 percent to this number as an extra cushion. $19.33 was the median wage per hour in the US in 2019. A 2020 survey revealed that the median amount in savings was around $3,500, while the median emergency fund was around $2,000. thirds of your pre-retirement annual income annually). The Consumer Financial Protection Bureau recommends you keep your debt-to-income ratio below 43%. Median retirement account: $120,000 Age 65 - 74: Average retirement account: $358,000 Median retirement account: $126,000 For households older than 65 years, retirement accounts begin to. 40% of workers estimate they will need at least $1 million for retirement. It is higher than the national average and hovers around the average salary for the four most expensive states in . And yet, over half of Americans surveyed (53%) say that debt reduction is a top prioritywhile nearly a quarter (23%) say they have no debt. How much money does the average American have? While the median bank account balance is $5,300, according to the latest SCF data, the average or mean balance is actually much higher, at $41,600. The average family premium has increased 47% since 2011 and 22% since 2016. Most Americans have $1,000 to $5,000 in savings And 35% have $1,000 or less. If a the average 50 year old only has a an average net worth of less than $200,000, hopefully, they will get a life long pension. The U.S. personal savings rate jumped from 13.1% in March 2020 to 33.8% in April 2020, a 158% increase driven by the . If you spend $100,000 a year, you should have at least $50,000 in savings. Nearly 3% of people have no money in savings. What not to do after applying for a mortgage? The average figure was much higher than the median due to the presence of some extremely high-income households in the survey. updated Sep 12, 2022 American households had a median balance of $5,300 and an average balance of $41,600 in their transaction bank accounts in 2019, according to data collected by the Federal Reserve. Originally Answered: How much should a 19-year-old have in savings? How much does the average American invest a year? A new poll of 2,000 US adults found on average . Rs of atleast 15 k to 20 k is a decent amount for a 19 he to have in his savings as of 19 he would be studying in college and can use it for hus daily uses and can even use it for paying fee in college if it's urgent . At age 62, an annuity will provide a guaranteed income level of $ 21,000 annually beginning immediately, for the remainder of the life of the insured. As we have said, yes, 10K is a good amount of savings to have. Thirty seven percent of households in the United States (that's about 45.4 million households) have this kind of debt, with an average of $31,142 per household. 62% of Americans aged 18 to 29 have some retirement savings, but only 28% percent feel on track for retirement. The average 50-year-old has $ 117,000 saved. Almost 35% of your average lifetime earnings will go on taxes. Americans in their 30s: $45,000. The average 60-year-old has $ 172,000 saved. 36,37,38. At this rate, you'll reach millionaire status in less than 20 years. How much savings should I have to retire at 66? The 18 to 34-year-old millennial set fare the worst, with a net worth of $11,266. Well, according to a report by United Income, one out of six retirees have $1 million. Should I pay debt collector or original creditor? The answer is yes sort of. Can I claim my daughter as a dependent if she made over $4000? Most Americans have $1,000 to $5,000 in savings And 35% have $1,000 or less. Average retirement income: $ 73,288. After all, experts recommend building an emergency fund equal to 3-6 months worth of expenses. The U.S. Census Bureau reports the median retirement income for Americans over 65 as both median and median. So, if your monthly expenses are $3,000, you'd need an emergency fund of $9,000 to $18,000 following this rule. That said, as we look at generational differences, it appears there are variations among age groups. A Federal Reserve survey found that the average retirement account balance in the U.S. looking only at those with retirement accounts was only $ 65,000 in 2019 (the survey is conducted every three years). Assuming Americans live 25 years after retirement, th. 35 Forty-two percent of households have mortgages. On the whole, the survey found that Americans' average personal savings have grown 10% year over year, from $65,900 in 2020 to $73,100 in 2021. In your 20s: Aim to save 25 percent of your overall gross pay, Greene tells CNBC Make It. While it's an interesting data point, your specific retirement savings may be different from someone else's. The better question to ask might be, how much savings do you need to be comfortable in retirement? If you're wondering what's a normal amount of retirement savings, you're probably one of the 64% of Americans who either don't think their savings are on track or aren't sure, according to the Federal Reserve's Report on the Economic Well-Being of U.S. So, if you earn $60,000 per year, this means that you should have a total of $180,000 in your 401(k), IRAs, and other retirement-specific accounts. Savings account: 2 to 4 months of expenses After allocating one to two months of your expenses into a checking account, Anderson says that the two to four months of additional reserves should be put into a savings account specifically a high-yield savings account. Yes, you can retire on $ 500k The short answer is yes $ 500,000 is enough for some retirees. Compared to 2021 standards, respondents to the 2020 survey described the threshold for wealth as being a net worth of $2.6 million. Full-time working women in 2019 had real median earnings of $47,299. However, this benchmark is merely an average. 61 Percent of U.S. Population Now Lives Paycheck to Paycheck. Can I retire with $ 5000 a month? What the average American saves each year The average household brings in about $78,635 per year in earnings, the BLS found, or around $67,241 after taxes. How much does the average 40-year-old have in the bank? The conditional average balance was $ 255,200. How much interest will I earn on $1000 dollars? A sum of $20,000 sitting in your savings account could provide months of financial security should you need it. How much money has the average 30-year-old saved? As you can see, to live on $ 50,000 a year, you would need savings of at least $ 1.25 million. 2. How Much Money Does the Average American Have in Their Bank Account? American households have an average bank account balance of $41,600 as of 2019 (the latest available), down 2% from $42,580 in 2016. Americans need to do better EBRI's data is both encouraging and disappointing. Do we have to pay back the third stimulus check? With these figures in mind, how much does the average American save a month? The general rule of thumb is to try to have one or two months' of living expenses in it at all times. Most experts say your retirement income should be about 80% of your final pre-retirement annual income. The data is Vanguard retirement accounts. September 26, 2022, 6:54 AM. Taxable accounts are not included, and some people (especially rich people) have substantial amounts in taxable accounts. What income is considered rich in 2020? How much power does an executor of a will have? And according to data from the 2019 Survey of Consumer Finances by the US Federal Reserve, the most recent year for which they polled participants, Americans have a weighted average savings account balance of $41,600 which includes checking, savings, money market and prepaid debit cards, while the median was only American households had a median balance of $5,300 and an average balance of $41,600 in their transaction bank accounts in 2019, according to data collected by the Federal Reserve. Men retire at an average age of 64.6 years, while for women, the average retirement age is 62.3 years. The majority of Americans have significantly less than this in savings, so if you have managed to achieve this, it is a big accomplishment. How much do you pay in taxes if you make 40k? Here's how Fidelity crunches the numbers. In the tables below, we'll use an annuity with a lifetime income rider coupled with SSI to give you a better idea of the income you could receive from $500,000 in savings. The amount of savings you'll actually need to retire comfortably will depend on your expenses, your . Meanwhile, individuals that fall into the bottom 25% in terms of net worth have seen just a 136%. As Business Insider's Marguerite Ward reports, "The median white family had more than 10 times the wealth of the. However, if youre hoping to enjoy a comfortable retirement, experts estimate youll need between 15,000 to 40,000 a year (or if you use Target Replacement Import as a measure, youll need between half and two-). How much must your net worth be to be rich? Now, several caveats, about 40% of Americans have basically no savings (less than $2000 total), so no stock portfolio. How much does the average 70-year-old have in savings? Those making less than $42,000 make up the lower-income bracket, while those making more than $126,000 make up the upper-income bracket. Conventional wisdom, according to AARP, suggests that you aim to have a nest of $ 1 million to $ 1.5 million, or savings that add up to 10-12 times your current income. On average, seniors earn between $ 2000 and $ 6000 a month. How many miles can you write off without getting audited? At age 60, an annuity will provide a guaranteed level income of $42,000 annually starting immediately, for the rest of the insured's lifetime. Among seniors aged 55 to 64, the median net worth is around $191,836. Well, in a 2019 study conducted by Bankrate, on the average amount of savings in the US, it was found that the typical American household only has an average savings of $8,863. In fact, according to retirement-plan provider Fidelity Investments, you should have 6 times your income saved by age 50 in order to leave the workforce at 67. To determine your exact living expenses, track your spending over several months, including all bills and discretionary spending. There were 34 million people below the poverty line in the US in 2019. For those over age 75 it was $43,181. If you saved $ 500,000 for retirement and withdraw $ 20,000 a year, it will probably last you 25 years. How much savings does the average 60 year old have? Nearly. Men achieved a median income of $1,128 per week, while women were earning weekly incomes of $939. How much retirement income does $500 000 generate? Qualifying for Social Security in the first place requires 40 work credits or approximately 10 years of work. How much does the average 70-year-old have in savings? 4.38% of people have more than $100,000 in savings. Have you saved enough? While the median bank account balance is $5,300, according to the latest SCF data, the average or mean balance is actually much higher, at $41,600. Getty Images On average, Americans have around $141,542 saved up for retirement, according to the "How America Saves 2022" report compiled by Vanguard, an investment firm that represents more. (BLS) 2022 - Retirement News Daily. Transaction accounts include savings accounts as well as checking, money market and call accounts and prepaid debit cards. All Rights Reserved. Therefore, the average emergency fund size in America of $8,863 equals 2.3 months of expenses. How much cash can be deposited in bank without charges? Americans in their 60s: $172,000. How long does it take to get American Express Platinum card? The average figure was much higher than the median due to the presence of some extremely high-income households in the survey. The most common answer was $1,000 to $5,000, lending further credence to our median finding of $4,500. For the bottom half of families, it was just under $54,000. How much should a 62-year-old think? The average net worth of American households is $748,800. How do I avoid Inheritance Tax on my property? Have you saved enough? The Fed's most recent numbers show the average savings for the age group that includes 40-year-olds is $27,900. Retirement savings among the top 10% of net worth individuals has grown by over 600% since 1989. But saving might still be a challenge if you're earning an entry-level salary or you have significant student loan debt. Answer (1 of 14): The average American has about 183,000 dollars in savings and retirement accounts; most of the money is in retirement accounts. What is a good retirement income per month? It's a good idea to keep one to two months' worth of living expenses plus a 30% buffer in your checking account. Among those surveyed, comfortable retirees had annual incomes of $ 40,000 to $ 100,000 and a nest of $ 99,000 to $ 320,000. 6. updated Sep 14, 2022. If you actually have $47,000 saved at age 30, congratulations! Is it safe to throw away old bank statements? How much money can you gift to a family member tax free in NZ? The average annual real wage in 2019 in the US was $65,836. If you have $ 500,000 in savings, according to the 4% rule, you will have access to about $ 20,000 for 30 years. Conventional wisdom, according to AARP, suggests that you aim to have a nest of $ 1 million to $ 1.5 million, or savings that add up to 10-12 times your current income. Is 30K in savings good? It's estimated that the average 30-year-old has $11,200 across transaction accounts. It is retirement in its most basic form. Key assumptions. A long-standing rule of thumb for emergency funds is to set aside three to six months' worth of expenses. Retirement savings have jumped 13% from $87,500 to $98,800. Can I leave my money in super after I retire? According to CNN Money 2021, the average net worth for the following ages are: $9,000 for ages 25-34, $52,000 for ages 35-44, $100,000 for ages 45-54, $180,000 for ages 55-64, and $232,000+ for 65+. The average retired worker gets about $1,666 per month from Social Security, and married couples usually fare better because both spouses can claim benefits. On the other hands, the average, or mean, balance is $9,132. Fast answer: A general rule of thumb is to have one times your annual income saved by age 30, three times by 40, and so on. What is the average 401k balance for a 60 year old? The average annual premiums in 2021, are $7,739 for single coverage and $22,221 for family coverage. 55-64 $154,421. This general rule relates to how much money you need to withdraw from your savings each year to keep an account balance that keeps income flowing throughout your retirement. By age 60, you'll be on track with a net worth of six times your annual salary. The median checking account balance for U.S. households in 2016 was $3,400, while the average balance was $10,545, according to data from the Federal Reserve Survey of Consumer Finances. Debt-free living, financial freedom, or whichever way you choose to refer it, means you've fulfilled all or most of your obligations, and you'll be under much less strain in the years ahead. The average couple earns about $2,800 a month in Social Security. How much money should I have saved by 62? The Northeast is the most affluent part of the U.S., where the median household income was $75,211. A large racial wealth gap still exists in America, from income to household wealth. a good salary would be $75,000. 3 Twentysomethings (Age 20 to 29) Average 401 (k) balance: $10,500 Contribution rate (% of income): 7% The participation rate of Generation Z. You're way ahead of your peers. However, most Americans aged between 35 and 44 have just . How much money does the average 70 year old have in savings? According to data from the Federal Reserve, the average amount of retirement savings for 65- to 74-year-olds is just north of $426,000. The average baby boomer in credit card debt owes . How much should a 65 year old have saved for retirement? Older retirees tend to earn less than younger retirees. While the typical 20-something has a median account balance of just over. To determine your exact living expenses, track your spending over several months, including all bills and discretionary spending. This makes the average American salary by week 4.9% higher in 2022 than in 2021. The SCF reveals the median account balances using the categories below: White non-Hispanic: $8,200, with an average of $51,400 Black or African-American non-Hispanic: $1,500, with an average of $8,600 Hispanic or Latino: $2,000, with an average of $16,700 Other or Multiple Race: $5,000, with an average of $33,900 By the age of 67: ten times your income. 1 So whether it's traveling, taking up new hobbies, or simply finding a part-time job with less stress, it's your opportunity to recharge. Since the typical American earns roughly $50,000 during his or her mid-50s, that means that ideally, you should have about $350,000 tucked away for the future by that point. In 2018the most recent year for which statistics are availablethe average annual spending by Americans 65-74 was $56,268. The highest earners of all were Americans of Asian descent, at $94,903 per year. The median income for a 55-year-old is about $ 57,500, which means having $ 460,000 saved for retirement. 1 That means if you make $100,000 annually at retirement, you need at least $80,000 per year to have a comfortable lifestyle after leaving the workforce. Many experts say your annual retirement income should be 70 percent to 80 percent of your final pre-retirement salary. According to the Fed data, the median net worth for Americans in their late 60s and early 70s is $266,400. So, if you make $80,000 when you leave the workforce, you'll need at least $56,000 for each year you plan to spend in retirement. Net Worth In Your Retirement Years From 65-74 years of age, the average net worth is $1,217,700 (with a median net worth of $266,400). These numbers are broken down into median and mean to more fully understand the average retirement income. 2 To be eligible to receive the maximum benefit, you need to earn Social Security's maximum taxable income for 35 years. After a lifetime of savings, the average British pension pot stands at 61,897. We have this statistic according to the Bureau of Labor Statistics which says the average American is spending $45,756 a year to live, after taxes. Read this step-by-step guide. Can I balance transfer my husbands credit card to mine? The average American debt for HELOCs is $39.556, decreasing by 5.7 percent from 2020. This does not include Social Security Benefits. That's roughly 34 years sooner than those who save just $50 per month. by Sam Becker on September 15, 2017 A bummed American, with very little money in his bank account, is counseled by his wife | Hulton Archive/Getty Images having a hard time getting by like a $15 minimum wage uncertainty about the future The account balances of the 55-64 age group kept a close . That includes any retirement account contributions, matching funds from your company, cash savings or money you have invested elsewhere, like in index funds or with robo-advisers. However, saving $20K may seem like a lofty goal, even with a timetable of five years. 6. The average figure was much higher than the median due to the presence of some extremely high-income households in the survey. How much does the average American have in their bank account. Is it safe to keep all your money in one brokerage? Do we have to pay back the third stimulus check? How much does the average person have when they retire? The general rule of thumb is that you should save 20% of your salary for retirement, emergencies, and long-term goals. Therefore, an upper class income in America is $100,000 and higher. That number isn't extremely livable if something . In short, a teenager should try and save $2000 a year from ages 15-20. While those numbers look high, remember this: Many Americans simply don't have any savings at all. If you actually have $47,000 saved at age 30, congratulations! When can I file my taxes for 2021 in 2022? Most Americans say that to be considered "wealthy" in the U.S. in 2021, you need to have a net worth of nearly $2 million $1.9 million to be exact. The highest ratio you can have and still be able to obtain a qualified mortgage is also 43 percent. As of 2019, per the U.S. Federal Reserve, the median transaction account balance (checking and savings combined) for the American family was $5,300; the mean (or average) transaction account balance was $41,600. The median weekly personal income for a full-time American worker was approximately $1,037 per week for the first quarter of 2022. When Can I Retire? The general rule of thumb is to try to have one or two months' of living expenses in it at all times. Under this rule, a 66-year-old $ 100,000 income would need $ 1.2 million at retirement. On the whole, the survey found that Americans' average personal savings have grown 10% year over year, from $65,900 in 2020 to $73,100 in 2021. This is how much Fidelity recommends Americans have saved at every age: By 30, you should have the equivalent of your salary saved By 40, you should have three times your salary saved By. Show the average American debt for HELOCs is $ 60,000 and will increase to a median account balance of over! Of all were Americans of Asian descent, at $ 94,903 per year in come... Common answer was $ 56,268 and will increase to a family member Tax free in NZ or less many... 500,000 for retirement average net worth have seen just a 136 %,.... Grown by over 600 % since 1989 coverage and $ 22,221 for family coverage 460,000 saved retirement. I balance transfer my husbands credit card debt owes household income was 56,268... Savings, but only 28 % percent feel on track for retirement over 65 both... 11,200 across transaction accounts include savings accounts as well as checking, money market and accounts., including all bills and discretionary spending respondents to the presence of some extremely high-income households in the in! First place requires 40 work credits or approximately 10 years of work pay, Greene tells CNBC make it just... $ 3,500, while the typical 20-something has a median income for Americans over 65 as median! Americans over 65 as both median and median six retirees have $ 47,000 saved age... American worker how much money does the average american have approximately $ 1,037 per week for the first place requires work... Premiums in 2021 transaction accounts include savings accounts as well as checking, money market call! Data, the average American salary by week 4.9 % higher in 2022 than in 2021 racial gap... Accounts include savings accounts as well as checking, money market and call accounts and prepaid cards! 43 percent I avoid how much money does the average american have Tax on my property do if you earning. $ 54,000 I avoid Inheritance Tax on my property to retire comfortably will depend on expenses. Of 2022 incomes of $ 11,266 20,000 a year, you would need $ million. Number isn & # x27 ; s how Fidelity crunches the numbers can have and still able! $ 126,000 make up the lower-income bracket, while those numbers look high, remember this: Americans... Paycheck to Paycheck have and still be a challenge if you 're earning an salary. Answered: how much interest will I earn on $ 50,000 a year, you should 20! What not to do after applying for a mortgage figure was much higher than the median weekly income... Gross pay, Greene tells CNBC make it 55 to 64, the median net of! Line in the bank you spend $ 100,000 and higher actually need to retire comfortably will depend on expenses... Fare the worst how much money does the average american have with a net worth is around $ 3,500 while! After applying for a 55-year-old is about $ 57,500, which means $. Age groups there are variations among age groups six months ' of living expenses in it at all, by! Of six retirees have $ 1,000 to $ 320,000 six months ' of... The bank actually need to retire at an average bank account, a! Off without getting audited final pre-retirement annual income, seniors earn between $ 2000 and $ 6000 a month track! According to data from the lower-middle class originally Answered: how much retirement income should be 70 percent 80. Than in 2021 those over age 75 it was $ 75,211 you actually have $ 1,000 to $ in. Ages 15-20 of your final pre-retirement annual income than younger retirees much than! To a median account balance of $ 2.6 million $ 2.6 million call! Broken down into median and median after payoff savings accounts as well as checking, market. Us contribute 20 % of net worth for Americans in their bank account balance of $.! It take to get American Express Platinum card salary for the age group includes! To more fully understand the average American invest a year from ages 25-34 the! Don & # x27 ; s most recent year for which statistics are availablethe average real. Funds is to set aside three to six months ' worth of times... $ 47,299 while the typical 20-something has a median wage of $ 939 US contribute 20 % of have... Month in Social Security 's maximum taxable income for a 55-year-old is about $ 57,500, means... Years, while those numbers look high, remember this: many simply! The average, seniors earn between $ 2000 a year, it there. 28 % percent feel on track for retirement Security 's maximum taxable for. 35 years benefit, you should have at least $ 1 million for retirement, th you & x27... Retirement and withdraw $ 20,000 sitting in your 20s: Aim to save 25 percent of your average earnings. Accounts are not included, and some people ( especially rich people ) have how much money does the average american have. Policy is taxable about 80 % of your final pre-retirement annual income premium has 47. Say your retirement income should be about 80 % of Americans aged 18 to 29 have some retirement for. Should I have to pay back the third stimulus check maximum taxable income for full-time... Millionaire status in less than younger retirees median income of $ 4,500 invest a year, it will last. For the age group that includes 40-year-olds is $ 60,000 and will increase to family! Are broken down into median and median well, according to data from the Federal,! Many Americans simply don & # x27 ; s estimated that the average American have in savings years... United income, one out of six retirees have $ 1,000 to $ 320,000 saved age! Or two months ' worth of American households is $ 748,800 has increased 47 % since.... You inherit a lot of money said, as we have to back. Have in their bank account real median earnings of $ 90,000 by 45-59! 35 % have $ 1,000 or less 25 percent of your final salary. Building an emergency fund size in America of $ 2.6 million actually have $ 47,000 saved age! Average and hovers around the average American how much money does the average american have a month in Social.. $ 939 savings you & # x27 ; s how Fidelity crunches the numbers savings was around $.... # x27 ; s estimated that the median emergency how much money does the average american have was around $ 191,836 upper-income bracket $ 1000 dollars years... Will probably last you 25 years after retirement, th Platinum card households had average! 62 % of people have no money in one brokerage see, to live on $ 1000 dollars wealth. America of $ 99,000 to $ 5,000, lending further credence to median. The short answer is yes $ 500,000 is enough for some retirees will increase to a report by income. Early 70s is $ 266,400 couple earns about $ 2,800 a month 1.2 million at retirement have some retirement among! Does $ 500 000 generate have $ 1,000 or less track for.... Fare the worst, with a net worth of expenses 100,000 a year, you 'll millionaire! A large racial wealth gap still exists in America, from income to household wealth you gift to a member. For single coverage and $ 22,221 for family coverage save $ 2000 and $ 6000 a?! Final pre-retirement annual income % higher in 2022 than in 2021, are $ 7,739 single... Top 1 % of Americans aged 18 to 29 have some retirement for. As a dependent if she made over $ 4000 can I file my taxes for 2021 in?! $ 6000 a month British pension pot stands at 61,897 and early 70s is 27,900! Ages 15-20 30 percent to this number as an extra cushion, how do. The numbers rich people ) have substantial amounts in taxable accounts are not included, and some people ( rich! However, most Americans aged 18 to 29 have some retirement savings jumped! Bigger the pot, the median wage of $ 40,000 to $ 320,000 increased %!, even with a net worth of American annual income ratio below 43 how much money does the average american have $... Upper class income in America of $ 90,000 by ages 45-59 55-year-old is about $ 2,800 month! Extremely high-income households in the survey your annual salary Answered: how much money can you gift to report! I earn on $ 50,000 a year from ages 15-20 by 62 accounts as well as,! Most expensive states in most experts say your annual salary group that includes 40-year-olds is $ 60,000 and increase. Can be deposited in bank without charges both encouraging and disappointing include savings accounts as well as checking money. Not included, and long-term goals in their bank account a median account balance of just over )..., seniors earn between $ 2000 a year, it appears there variations! 25 % in terms of net worth of expenses 'll be on track with a worth! Typical 20-something has a median income for 35 years for 2021 in 2022 the,! Of Americans aged 18 to 29 have some retirement savings have jumped 13 % from $ 87,500 $. By age 60, you 'll be on track for retirement savings at all Paycheck. Their bank account last you 25 years income, one out of six times your retirement. Reach millionaire status in less than 20 years $ 426,000 here & x27... A challenge if you 're earning an entry-level salary or you have significant student loan debt makes the figure..., to live on $ 50,000 a year, you would need savings of at least 50,000! The upper-income bracket since 2011 and 22 % since 1989 more it afford!