The Wealth of the 1%: How Much Debt Could it Erase?

The. Wealth %- How Much Debt, Could it Erase of the With the top 1% of earners in the United States bringing home an average of $16.4 million annually, " how many mortgages or student loans could the average "one percenter" erase? [4] Average Household Mortgage Debt Average Student Loan Debt At the end of the Class of 2011: second quarter of 2012, Americans had $13,216,356,000,000 in outstanding mortgage debt. 21 average student loan debt: $26,000. 141 • 2011 population estimate: 311,591,917. Doing the Math • Homeownership rate: 66.6%. 131 The average top 1% yearly The average top 1% income could pay off student yearly income could pay off • The average household mortgage debt is $149,981. loans for 631 people 109 mortgages at $26,000 each. at $149,981 each, Sources: [1] http://money.cnn.com/2012/09/11/news/economy/wealth-net-worth/index.html [2) http://www.federalreserve.gov/econresdata/releases/mortoutstand/current.htm [3] http://quickfacts.census.gov/qfd/states/00000.html [4] http://projectonstudentdebt.org/files/pub/classof2011.pdf Ttotal bankruptcy"