How much money does the average American earn? How much do they owe? And how much do they pay in taxes? Here are 10 statistics that answer these questions and many others, and give you a good snapshot of the average American’s financial life.
1. The average American gross household income is $71,258
However, it’s important to point out that this is based on IRS data, and the latest calendar year for which the data is available is 2015. Since U.S. median wage growth was about 4% in 2016, it’s fair to assume that the current figure is about $74,000.
2. The average American household with debt owes $132,529
This includes all credit cards, mortgages, auto loans, student loans, and other types of debt. The average household with a mortgage owes $172,806, the average household that carries credit card balances owes $16,061, and the average household with car loans owes $28,535.
3. The average American gave $5,491 to charity in 2015
According to preliminary IRS data for the 2015 tax year, the average taxpayer who claimed a charitable contribution deduction gave nearly $5,500. However, there are two things that need to be mentioned. First, this only includes the 30% of people who itemized deductions. And second, charitable contributions vary widely with income. For example, the average taxpayer in the $50,000-$100,000 income range claimed a charitable deduction of $3,244, while the average person in the $250,000-plus range claimed a whopping $21,769.
4. The average American has a FICO credit score of 700
This is according to the latest FICO Score High Achievers Study, and is up by five points since 2015. In addition to a score of 700, the average…