As you sit in your office this morning, have you ever wondered how you compare financially to your friends and neighbors? Well, there are some numbers out there that might help you figure that out.
It turns out the average gross household income is right around $74K. The average American household also has about $132K in debt if you add in credit cards, mortgages and various loans. Economist Samuel Rines at Avalon Advisors told KTRH on the average, you're doing pretty well.
“You have somewhere around the world’s fourth or fifth highest gross income per household. We are a relatively wealthy society and we spend our money,” Rines explained.
And he says it's only natural to want to see how you're doing when you stack yourselves up to your friends in your neighborhood.
“They really do, in terms of what cars they drive and how big their house is. There’s always the ‘Keeping up with the Joneses’ mentality in America,” Rines said.
Here are some other numbers for you to consider; the average American FICO credit score is 700. The average 401K balance is just over $96K, and the average tax refund last year was just under $2900.