Components of family wealth, such as stocks, bonds, money in the bank, and real estate, produce interest, dividends, or rental income which are commonly used to offset or pay college costs. Wealth also includes the value of a family’s home. This important asset can be sold or borrowed against to provide funds for college expenses. Households that have lower levels of wealth often must borrow money in order to send their children to college. This is significant because women hold about two thirds of all student loan debt.
The U.S. Census Bureau recently released new data on household wealth in 2019. The statistics show that the median net worth of households headed by single men was $50,150 in 2019. For households headed by a single woman, the median net worth was $36,600. For married-couple families, the median net worth was $269,000.
If we exclude home equity, the median net worth of households headed by single men in 2019 was $19,390. For single women, the median net worth – excluding home equity – was $8,585. This is less than half of the median net worth of households headed by single men.
About 80 percent of all single-parent families in the United States are headed by women.