The good news: Americans are much more likely to have higher incomes than their parents. But just how much more depends greatly on their race, education and their parents' income level, according to new Pew Economic Mobility Project data.
Some 83% exceed their parents' income by at least $1,000.
Those born rich are more likely to greatly out earn their parents. For instance, 27% of those raised in the highest-income families made $50,000 more than their folks. Only 11% in the lowest-income group beat their parents by that amount.
At the same time, starting off rich makes it that much tougher to exceed your parents – they were much more likely to earn less than mom and dad than those who started poor. Some 30% of those from rich families earned at least $1,000 below their parents.
When it comes to race, whites were more likely than blacks to earn at least $1,000 more than their parents, no matter how much their parents' income was.
When it comes to wealth, fewer Americans are exceeding their parents' nest eggs. "This generation has more income, but are not necessarily more financially secure," said Erin Currier, the project's director.
To learn more about Americans' mobility across generations by income level, race, education and more, access Pew's interactive here.
More and more Americans are living in neighborhoods surrounded by people who earn about as much as them ... whether they are rich or poor.
Segregation by income is growing, according to a Pew Research Center analysis released Wednesday.
Some 28% of low-income households lived in low-income neighborhoods in 2010, up from 23% three decades earlier. And the number of upper-income households living in upper-income neighborhoods doubled to 18% over that period.
Pew MORETami Luhby - Aug 1, 2012 12:01 PM ET
The number of adult kids moving back home is at levels not seen in more than 50 years. But that doesn't mean they are freeloading off of mom and dad.
Nearly half of kids age 25 to 34 living at home paid rent to their parents, according to a new Pew Research Center report. And 89% helped with household expenses, such as groceries or utilities.
And only a scant 8% say they MORETami Luhby - Mar 15, 2012 3:20 PM ET
How would you like to earn an additional $650,000?
Then go to college.
Typical college grads earns about $650,000 more than their peers who just have a high school diploma over the course of a 40-year career, according to a Pew Research Center analysis of census and college expense data.
A worker with a bachelor's degree earns about $1.4 million, on average, while a high school grad makes about $770,000.
Of course, it takes MORETami Luhby - Mar 9, 2012 10:10 AM ET
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