Word: medians
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Class is an inherently nebulous concept, and although the U.S. government defines poverty (presently, it's anything under $22,000 for a family of four), it does not define what it means to be middle class. The U.S. Census Bureau says the median income in the U.S. is about $51,000 a year, but how far does the "middle" stretch? According to a 2008 Pew Research Center survey, half of Americans self-identify as middle class. (See pictures of Americans at home...
...everyone should stick around for the Subway ads. First, the study is a bit biased toward college-age respondents. To correct that, in one experiment the researchers expanded the age range, including subjects from 18 to 67 years old. Those over the sample's median age of 35, which matches the median age for the U.S. population at large, preferred programs without commercials. Subjects under 35 liked the breaks. Since younger viewers get bored more easily, they might desire more novelty - in this case, an ad in the middle of a program - than older viewers...
...history or job security to land a mortgage - even for a $100,000 fixer-upper - especially with lending requirements tightening in the wake of the subprime catastrophe. This is, after all, low-wage Florida: housing costs may be falling - in exorbitant South Florida, they've tumbled 45% since the median cost peaked at $375,000 two years ago - but take-home pay isn't rising. Unemployment, in fact, is at 8.1%, Florida's highest level in two decades...
Michael Kinsley hypothesizes that the typical American family will be handing down Social Security entitlements to their children as an inheritance [Feb. 9]. Using the same Federal Reserve data Kinsley cites, the median net worth of couples ages 65 to 74 in 2004 was $190,000, including housing assets. By definition of the term median, this value is far more representative of the typical American family than the average net worth of $691,000 he quotes--which is skewed higher by the wealthiest 10% of families. That recalculation, combined with the large decline in net worth for most Americans...
...valued, but we overshot on the way up, and it's very likely we'll undershoot quite a bit on the way down," says Patrick Newport, an economist at the analytics shop IHS Global Insight. His firm's forecast is for another 10% to 15% drop in NAR's median sales price before things start turning around next year - and that's assuming the economy begins growing again in the second half...