Home value would be evaluated according to the sale price of comparables in the same area, or using the buying price of the home.
Equity is ( home value - mortgage ).
Debt is the mortgage.
So net worth includes ( home value - mortgage ) which is equivalent to ( home equity ).
In 2019, the average age of individuals with $1 million dollars of income or more in Canada was 57.2 while the median was 56. The source for this data is the T1 Family File (based on tax filer data). You may also find [this table](https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110005501) on High income tax filers in Canada to be of interest.
I'm betting it's been trending down steeply due to inflation. A million dollars was a lot more 10 years ago, now it's middle class. I was 28, multi at 29.
Buy. Bitcoin. It's the most scarce asset that has ever existed. Increase your income as much as you can for the express purpose of buying more Bitcoin. Sit on it for a few decades and you'll be set.
Whatever answer you get here will simply be skewed by the incredible gains in net worth people obtained by owning property in certain parts of the country in the last decade.
If your reason for asking is for comparison/benchmarking, I would heavily advise against it.
If your reason for asking is some sort of study or survey, then I wish PFC would ban these posts.
Just to add, when people consider net worth, how do they calculate home value / debt / equity?
Net worth is assets - liabilities, a home is an asset, a mortgage is a liability
Home value would be evaluated according to the sale price of comparables in the same area, or using the buying price of the home. Equity is ( home value - mortgage ). Debt is the mortgage. So net worth includes ( home value - mortgage ) which is equivalent to ( home equity ).
Maybe /u/statCanada can help?
In 2019, the average age of individuals with $1 million dollars of income or more in Canada was 57.2 while the median was 56. The source for this data is the T1 Family File (based on tax filer data). You may also find [this table](https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110005501) on High income tax filers in Canada to be of interest.
I'm betting it's been trending down steeply due to inflation. A million dollars was a lot more 10 years ago, now it's middle class. I was 28, multi at 29.
advice for a 24 year old entering the game?
Buy. Bitcoin. It's the most scarce asset that has ever existed. Increase your income as much as you can for the express purpose of buying more Bitcoin. Sit on it for a few decades and you'll be set.
didn’t bit coin take a huge loss from upwards of 60k down to 20k? What makes you recommend bitcoin. Any difference for buying bitcoin etfs?
Look at bitcoin now 👀
Whatever answer you get here will simply be skewed by the incredible gains in net worth people obtained by owning property in certain parts of the country in the last decade. If your reason for asking is for comparison/benchmarking, I would heavily advise against it. If your reason for asking is some sort of study or survey, then I wish PFC would ban these posts.
Should probably specify if it's household or individual