Pursuits
New York Fed Study Finds 15% of U.S. Households Have No Wealth
- Student loans and negative equity seen holding households back
- Seven percent of homeowners report underwater on mortgages
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Fifteen percent of American households have either zero or negative net wealth, according to a survey conducted by the Federal Reserve Bank of New York, potentially affecting their ability to save for major purchases and restricting their access to credit.
The results, published Monday on the New York Fed’s website, showed the rise in student-loan debt burdens is a significant factor for those households. Homeowners also are still struggling with negative equity a decade after the housing bubble burst.