Household Net Worth (Value of Assets) by Age Segments Total Mean Average
This is the third in a series of four factoids exploring the growing trend among seniors called “Aging in Place.” On average, 10,000 people are turning 65 every day. By 2030, one in five people will be 65 and over. Now facing decisions on where and how to spend their aging years, a majority of these early Baby Boomers want to stay in their homes.
This has spawned an entire remodeling industry that includes construction to modify and retrofit homes for safety and convenience as well as interior design geared to the aging – including furniture, flooring, and lighting.
Seniors today are more active and affluent than any generation before them. Of the 46 million Baby Boomers, about 25 percent of them have annual incomes of $100,000 or more and a net worth of $400,000 or more. Currently, households over 65 have average net worth’s almost double that of younger households.
According to The Demand Institute, 40 percent of households in the U.S. are headed by someone between the ages of 50 and 69 and this group holds 54% of all household wealth. As this group ages into retirement, more money will go toward the home improvement industry.
Source: U.S. Census Bureau