Net Worth Of Average Family In Carroll County Placed At $38,200

November 27, 1969

Are Carroll County residents richer than they think?

What is the net worth of the average local family, taking into account it’s cash savings, the equity in it’s home, it’s car investments, insurance, pension reserves, clothing and the like?

A family balance sheet, in which the assets are listed in one column and the liabilities in another, may prove to be an eye-opener, as people have never figured out how much they have accumulated over the years.

They know, in a general way, that they are better off than they once were, in most cases, but they have never worked it out in dollars and cents.

Some help in this direction is now available through national studies made by the Federal Reserve Board, the Institute of Life Insurance and others.

They find that the earning capacity of a family and it’s net worth are directly related. Those in the higher brackets have assets equal to several times their annual incomes while those with modest incomes have accumulated proportionately less.

Related to Carroll County and to the current earning levels in the area, the national figures indicate an average net worth of $38,200 per family locally.

By way of comparison, in the United States generally, the net worth is 24,000 per family and in the State of Maryland, $31,000.

The amount applies to the so-called “average family”. It lumps together all age groups- the older ones, who have been adding to their assets over the years as well as the younger ones,who are on the way up.

For typical families in some specific brackets, the estimates are as follows: those with after-tax incomes of $5000 to $7000 a net worth ranging from $10,500 $15,500. Those with $7000 to $9000, net worth of $15000 to $21000, and those in the $12000 to $15000 bracket , assets of $38500 to $63000.

For the population of Carroll County as a whole, the total net worth comes to an estimated $692,300,000.

Included is the value of all housing, automobiles, household equipment, life insurance, wearing apparel, bank accounts, business interests and stock holdings.

On the other side of the ledger are installment debt, mortgages, medical bills, payments due on the car and all other obligations.

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