How Do You Stack Up to the Median Net Worth in New Jersey?

According to research from the 2022 Federal Reserve Survey of Consumer Finances, the average net worth of U.S. households is $1.06 million, but the median net worth is much lower at $192,900. Across the U.S., those numbers also vary a lot depending on where people live. The median net worth in one state could be much lower than what it is in another. So, what's the median net worth in our state?

It's worth noting that when stacking yourself up against others, it's best to use the median number, not the average. "To represent the central tendency of a group, median is the appropriate statistical measure," the Central Statistics Office notes. "The median is found by ordering the group characteristics in ascending value and selecting the middle one." They add that the median is usually "a better measure of the central tendency of the group as It it is not skewed by exceptionally high or low characteristic values."

Your net worth, according to MetLife, is "measures the value of your assets minus your loans and financial obligations, otherwise known as liabilities." Also, they note that "assets are everything a person owns that has monetary value — such as cash, investments, retirement accounts, savings accounts, life insurance policies, savings accounts, and real estate." In turn, liabilities "include debts or financial obligations — such as mortgages, loans, and credit card debt."

So, what's the median net worth in the state? In a feature out on Feb. 23 for SmartAsset, Jaclyn DeJohn reveals the average net worth by state.

"A household’s net worth can reveal a lot about their overall financial well-being," she notes in the piece. "Liquid assets can provide better odds for approval for home loans or other lines of credit, cushioning for unpredictable life events, and the potential to make your money work for you through investments."

Are you ready to find out the median net worth in New Jersey? It's $312,400. Also, the median home equity is $300,000.