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Saturday, Nov 21 |
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The collection of wealth data for the PSID in the years 1984, 1989, 1994, 1999 and 2001 is sponsored by the National Institute on Aging (NIA).
1. Files. The wealth data are provided in five separate data files, one data file for each of the years, 1984, 1989, 1994, 1999 and 2001. Each supplemental wealth file is derived from the data contained in the respective family files. A working paper, Five Years Older: Much Richer or Deeper in Debt? makes use of wealth changes 1994-1999 and is illustrative of the uses of the wealth data.
2. Files. The five wealth data files are named "WLTHyyyy.DAT" where the "yyyy" represents the year. The data are in raw ASCII form and uncompressed.
|
File name |
Records |
LRECL |
KBytes |
|
WLTH1984.TXT |
6,918 |
93 |
642 |
|
WLTH1989.TXT |
7,114 |
93 |
660 |
|
WLTH1994.TXT |
8,628 |
93 |
801 |
|
WLTH1999.TXT |
6,997 |
103 |
718 |
|
WLTH2001.TXT |
7,406 |
103 |
760 |
NOTE: The byte count is that reported by DOS which, for ASCII files, includes two characters (CR/LF) at the end of each record; byte counts may differ slightly in other operating systems.
The components of wealth were asked as family level variables. The variables included in the respective data files are noted below.
ท For 1999 the only difference is that there are some changes in question wording to allow those wishing to study pension holding. [Section P has much additional detail on pensions of the head and wife.] The redefined variables arise because in 1999 the questions on stocks (W15) and bonds (W27) have been reworded to exclude assets held in employed-based pensions or IRAs. Family holdings of private annuities and IRAs are asked for separately (W21). For this file ER 418 is and indicator of whether the family reports holding funds in private annuities or IRAs. Later we will make available the information obtained on whether the IRA is mostly stocks, mostly interest earning, or split (W21a). Based on the answer, .75, .25 and .50 of the value of the IRA may be assigned to stocks and the balance may be assigned to bonds.
Frequencies of the categorical variables and univariate statistics of the continuous variables are provided in Section V The variables used in the SAS imputation program to construct the wealth variables are listed in Section VI .
Also included are five corresponding files named "WLTHyyyy.SAS", "WLTHyyyy.SPS", and "WLTHyyyy.DO" which contain, respectively, SAS, SPSS, and Stata statements. The statements provide variable names and locations and variable labels. Statements providing missing data codes are not included because all missing data has been imputed.
The statements in these files are not intended to represent completed and full setups for the respective statistical program packages to run extracts, analysis, etc. You must provide all other SPSS, SAS, or Stata commands needed to complete a setup and modify directory and file specifications as appropriate for your computing environment. You may also opt for dBase output using the Data Center (http://simba.isr.umich.edu), which may be easily imported into numerous formats, including Microsoft ฎ, and Stataฎ.
3. Weights. In working with these data we recommend the user apply family weights which may be obtained directly from the data center here: http://simba.isr.umich.edu/. Also, 1994-2001 weights are downloadable from a zip file http://simba.isr.umich.edu/Zips/ZipMain.aspx#xyr,
4. Merging Other Information from Annual Family Files. Most analysts will want to merge additional information available in the annual family files. The best way to achieve this is through the user friendly PSID data center, here: http://simba.isr.umich.edu/, where it is easy to merge data from multiple collection years and across different types of data files, such as individual, family, supplemental, as well as the Child Development Supplement data. The table below lists the number of cases in the wealth files and in the corresponding annual family files as well as the matching ID variables.
|
Wealth File |
Annual Family File |
||||
|
File Name |
ID |
N |
File Name |
ID |
N |
|
WLTH1984.TXT |
S101 |
6,918 |
84FAM.DAT |
V10002 |
6,918 |
|
WLTH1989.TXT |
S201 |
7,114 |
89FAM.DAT |
V16302 |
7,114 |
|
WLTH1994.TXT |
S301 |
8,628 |
ER94FAM.DAT |
ER2002 |
10,771 |
|
WLTH1999.TXT |
ER401 |
6,997 |
ER99FAM.DAT |
ER13002 |
6,997 |
|
WLTH2001.TXT |
S501 |
7,406 |
ER01F.DAT |
ER17002 |
7,406 |
Note that in 1994 the Latino sample did not receive the wealth questions. Therefore the 1994 wealth file contains fewer cases than the 1994 family file (8,628 vs. 10,771). There is not a way to identify Latino families from information included in the 1994 family file. When merging with the 1994 wealth file with the 1994 family file, you will want to be sure not to include the Latino families found in the 1994 family file in the merged output file. Your merged output file should contain 8,628 cases. Using SAS, your code might look something like this:
PROC SORT DATA=wlth.wlth94 OUT=t1; BY S301;
PROCSORTDATA=wlth.er94fam(RENAME=(ER2002=S301)) OUT=t2; BY S301;DATA wlth.wlth94; MERGE t1(IN=W94) t2; BY S301; IF W94;
The specification of "IN=W94" in the MERGE statement and the subsetting IF will restrict the cases in the output dataset to just those occurring in the 1994 wealth dataset.
And using SPSS your code might include statements such as the following:
GET FILE="er94fam.sys".
SORT CASES BY ER2002.
GET FILE="94wlth.sys".
SORT CASES BY S301.
MATCH FILES FILE=* / TABLE= "erfam94.sys"/RENAME=(ER2002=S301) / BY=S301.
FILE specifies the file that supplies the cases. TABLE specifies a table lookup file. A lookup file contributes variables but not cases to the output file. Variables from the table file are added to the cases from the other file that have matching values for the key variable (the BY variable).
The above procedures will give you three cross-sectional files. To create a file that allows you to look at families across time, see our 1998 Brookings Paper and suggestions noted above.
There is a one-to-one match of the case counts for the wealth file and family file for the years 1984, 1989, 1999 and 2001, making the merge straightforward.
Items marked with an * in the list above plus value of owner occupied real estate comprise our wealth definition for 1984, 1989, 1994, 1999 and 2001.
A. Imputation for Home Equity
Prior
to creating the generated variables for wealth, an imputation procedure was
followed for cases with missing values on housing value and mortgage amounts in
order to generate a value for home equity. There were 307 cases in the 1999
family data and 347 cases in the 2001 family data that received an imputation because
of missing information on housing value or mortgage balance. For homeowners, the housing value for 2001
was imputed using an inflation-adjusted 1999 housing value. If the 1999 value was missing, an
inflation-adjusted value from 1997 was used for the 2001 housing value. If the 1997 value was missing, then the 2001 housing
value was set to the mean value after categorizing by family income and age of
head in the group having non-missing values.
For non-homeowners, the 2001 housing value was set equal to
zero. An identical procedure was
followed to impute remaining mortgage. This procedure is detailed below along with
case counts for each step of the imputation:
1. 2001 Housing value
Step 1.
If Housing
value of 2001 = 9999999 or 9999998 then refer to the previous years housing
value or whether own/rent (year 1999)
If own (year 1999), then housing
value of 1999 * 1.076266 substituted
for housing value of 2001
Housing value category=1
If not own (year 1999), then housing
value of 2001 was set to zero
Housing value category=2
Step 2.
If housing
value of 2001 still has 9999999 or 9999998 then refer to the housing value
or whether own/rent (year 1997)
If own (year 1997),
Then housing
value of 1997 * 1.076266 * 1.04528
substituted for housing value of 2001
Housing value category=3
If not own (year 1997), then housing
value of 2001 was set to zero
Housing value category=4
Step 3.
If housing
value of 2001 still has 0, 9999999 or 9999998 then imputation of housing
values 2001 was from the mean after categorizing by family income and age of
head in the group having proper values (N=4136).
Housing value category=5
2. 2001 remaining mortgage 1 or 2
Step 1.
If
remaining mortgage 1 or 2 of 2001 have 9999998 or 9999999,
Then mortgage
of 1999 was substituted for 2001s
Mortgage category=1
Step 2.
If remaining
mortgage 1 or 2 of 2001 still have missing, 9999998 or 9999999,
Then mortgage
of 1997 was substituted for 2001s
Mortgage category=2
Step 3.
If
remaining mortgage 1 or 2 of 2001 have missing, 9999998 or 9999999,
Then imputation of mortgage 2001 was from the mean
after categorizing by family income and age of head in the group having
proper values
(N=4136).
Mortgage
category=3
3. The
number of cases in each category, 2001 year
Imputation of housing value
Imputation of mortgage
N/A Cat 1 Cat
2
Cat 3 Sum
N/A 0
143 23
47
213
Cat 1 42
8
0
2
52
Cat 3 14
1
2
2
19
Cat 5 43
9
2
9
63
Sum 99
161 27
60
347
4. The
number of cases in each category, 1999 year
Imputation of housing value
Imputation of mortgage
N/A Cat 1 Cat
2
Cat 3 Sum
N/A 0
112 25
47
184
Cat 1 38
8
6
0
52
Cat 3 8
2
3
0
13
Cat 5 20
7
1
10
38
Sum 66
129 35
57
287
* Home equity was set equal to 0 for an additional 20 cases
where there was no basis for knowing if they owned their house in 1999, for a
total of 307 cases.
To work with the original wealth data it was necessary to process the values which were not provided in a dollar amount but rather as bracket ranges (i.e., the 'unfolding brackets') in a consistent fashion for the wealth components across all years. This was accomplished with a SAS program. The extent of item non-response was surprisingly low in the PSID, and this helps provide an extra measure of quality; we believe this is because the PSID respondents have confidence in the interviewers and have been interviewed on numerous prior occasions. Research by Robert Ferber (Collecting Financial Data by Consumer Panel Techniques, Urbana, Bureau of Economic and Business Research, University of Illinois, 1959) has underscored the importance of reinterviews in gathering family wealth measures.
A standard series of unfolding bracket questions is as follows, using "real estate other than own home" as an example. See the questionnaires for the complete text of these questions in here: http://simba.isr.umich.edu/Zips/ZipMain.aspx. Questions from the 1989 questionnaire are provided in Section VII below.
(1) "Do you (or your family living there) have any real estate other than your main home... ?"
(2) If Yes in (1), "If you sold all that and paid off any debts on it, how much would you realize on it?"
If a dollar value is given in (2), then the questions skip to the next wealth component (value of property 'on wheels' - cars trucks, motor home trailer, boat - net of any debt on these assets).
Respondents who did not report an exact amount in (2) were asked a series of three or four questions (starting with "would it amount to $50,000 or more?). These questions ultimately yielded the following categories:
Some respondents gave only partial brackets such as below $25,000, above $25,000, etc.; other respondents would not give any bracket value at all.
Assuming that respondents who could not or would not provide an amount have holdings distributed in the same way as respondents giving an exact amount, a hot deck method was used to impute the missing values. This imputation process consists of three levels.
First, Respondents who answered "Don't know", "Refusal" or simply missing in question (1) are assigned to "Yes" or "No" with those who are imputed as "Yes" being treated as not having bracket information at the next level.
Second, respondents who only gave a partial bracket or no
bracket are randomly assigned to one of the four brackets ($1-$999,
$1,000-$24,999, $25,000-$99,999, and over $100,000) with probability in
accordance with the distribution of brackets realized from respondents who gave an
exact bracket.
Note that this does not
include people who gave an exact amount despite the fact that they fall into a
bracket. The assumption is that people who give partial bracket information or
no bracket information at all are more like individuals who gave exact bracket
information than those that gave exact amounts. Juster and Smith (Journal of the
American Statistical Association, 1997) argue that the distribution of bracketed
individuals is different from those who give exact amount.
After the second level, every respondent has an index of the exact bracket to which the respondent belongs. (Note: the dollar values defining the bracket ranges in the questions differ some between 1984 and 1989, but are identical between 1989 and 1994, 1999 and 2001. The choice of these bracket values was informed by the empirical distribution of the values of the assets in question in combination with round numbers and restricting the questions to a parsimonious set of bracket categories.
Third, respondents who did not give exact amount (including those with reported exact brackets and imputed brackets) are assigned a dollar value with a probability derived from the distribution of amounts from respondents who reported exact values and which fell within the range of the same bracket.
The specific procedures are detailed in sample SAS code, which can be provided upon request.
Frequencies of the categorical variables and univariate statistics of the continuous variables included in each supplemental wealth file 1984, 1989, 1994, 1999, and 2001 are provided below. For the categorical variables a value of "1" means the designated asset was owned by the respondent or family members living there and "0" means it was not. Due to data collection and processing conventions, in 1984 and 1994 negative values for component wealth variables were coded as zero. The modest number and amount of negative values reported for component wealth variables in the 1989 leads us to believe that 1984 and 1994 net wealth values would not change significantly had negative values been recorded.
In the variable labels, the notations VBUSIyr, VDEBTyr, ..., WEALTH1yr, WEALTH2yr refer to the dollar values coming from the imputation program (no inflation adjustments - the CPI-U with 1982-84 as a base is 1984=103.9, 1989=124.9, 1994=148.2 and April 1996=156.2). Recall that WEALTH1yr does not include home equity whereas WEALTH2yr includes home equity (market value of the owner-occupied housing less outstanding mortgage balances).
RELEASE NUMBERCumulative Cumulative
S100 Frequency Percent Frequency Percent
1 6918 100.0 6918 100.0
BUSI84 WHETHER FARM/ BUSINESS (QK122)
Cumulative Cumulative
S102 Frequency Percent Frequency Percent
1 656 9.5 656 9.5
0 6262 90.5 6918 100.0
CHEC84 WHETHER CHECKING/SAVINGS (QK132)Cumulative Cumulative
S104 Frequency Percent Frequency Percent
1 4716 68.2 4716 68.2
0 2202 31.8 6918 100.0
DEBT84 WHETHER CREDIT CARD OTHER (QK145)
Cumulative Cumulative
S106 Frequency Percent Frequency Percent
1 3237 46.8 3237 46.8
0 3681 53.2 6918 100.0
REAL84 WHETHER OTHER REAL ESTATE (QK113)Cumulative Cumulative
S108 Frequency Percent Frequency Percent
1 1064 15.4 1064 15.4
0 5854 84.6 6918 100.0
STOC84 WHETHER STOCK/MF/IRA (QK127)Cumulative Cumulative
S110 Frequency Percent Frequency Percent
1 1229 17.8 1229 17.8
0 5689 82.2 6918 100.0
VALU84 WHETHER OTHER SAV/ASSETS (QK137)Cumulative Cumulative
S114 Frequency Percent Frequency Percent
1 1302 18.8 1302 18.8
0 5616 81.2 6918 100.0
Variable Label Minimum Maximum
-----------------------------------------------------------------------------
S101 FAMILY ID 1984 (V10002) 1 6918
S103 VBUSI84 (1984$) 0 5000000
S105 VCHEC84 (1984$) 0 999996
S107 VDEBT84 (1984$) 0 500000
S109 VREAL84 (1984$) 0 1750000
S111 VSTOC84 (1984$) 0 1500000
S113 VTRAN84 (1984$) 0 250000
S115 VVALU84 (1984$) 0 9000000
S116 WEALTH184 (1984$ NO MAIN HOME EQUITY) -497990 9360000
S117 WEALTH284 (1984$ MAIN HOME EQUITY INCL) -497990 9560000
-----------------------------------------------------------------------------
Variable Label Mean Std Dev
-----------------------------------------------------------------------------
S101 FAMILY ID 1984 (V10002) 3460 1997
S103 VBUSI84 (1984$) 10958 116054
S105 VCHEC84 (1984$) 7842 27739
S107 VDEBT84 (1984$) 1692 10745
S109 VREAL84 (1984$) 9072 56387
S111 VSTOC84 (1984$) 4457 32908
S113 VTRAN84 (1984$) 4722 8174
S115 VVALU84 (1984$) 11571 286613
S116 WEALTH184 (1984$ NO MAIN HOME EQUITY) 46931 329404
S117 WEALTH284 (1984$ MAIN HOME EQUITY INCL) 67594 339898
-----------------------------------------------------------------------------
Variable Label N
-------------------------------------------------------S101 FAMILY ID 1984 (V10002) 6918
S103 VBUSI84 (1984$) 6918
S105 VCHEC84 (1984$) 6918
S107 VDEBT84 (1984$) 6918
S109 VREAL84 (1984$) 6918
S111 VSTOC84 (1984$) 6918
S113 VTRAN84 (1984$) 6918
S115 VVALU84 (1984$) 6918
S116 WEALTH184 (1984$ NO MAIN HOME EQUITY) 6918
S117 WEALTH284 (1984$ MAIN HOME EQUITY INCL) 6918
------------------------------------------------------- RELEASE NUMBERCumulative Cumulative
S200 Frequency Percent Frequency Percent
1 7114 100.0 7114 100.0
BUSI89 WHETHER OWN FARM/ BUSINESS (QG124Cumulative Cumulative
S202 Frequency Percent Frequency Percent
1 805 11.3 805 11.3
0 6309 88.7 7114 100.0
CHEC89 WHETHER CHECKING/SAVINGS (QG135)Cumulative Cumulative
S204 Frequency Percent Frequency Percent
1 4997 70.2 4997 70.2
0 2117 29.8 7114 100.0
DEBT89 WHETHER CREDIT CARD OTHER (QG146)Cumulative Cumulative
S206 Frequency Percent Frequency Percent
1 3591 50.5 3591 50.5
0 3523 49.5 7114 100.0
REAL89 WHETHER OTHER REAL ESTATE (QG115)Cumulative Cumulative
S208 Frequency Percent Frequency Percent
1 1110 15.6 1110 15.6
0 6004 84.4 7114 100.0
STOC89 WHETHER STOCK/MF/IRA (QG129)Cumulative Cumulative
S210 Frequency Percent Frequency Percent
1 1500 21.1 1500 21.1
0 5614 78.9 7114 100.0
VALU89 WHETHER OTHER SAV/ASSETS (QG141)Cumulative Cumulative
S214 Frequency Percent Frequency Percent
1 1592 22.4 1592 22.4
0 5522 77.6 7114 100.0
Variable Label Minimum Maximum
------------------------------------------------------------------------------
S201 FAMILY ID 1989 (V16302) 1 7114
S203 VBUSI89 (1989$) -2000 9999999
S205 VCHEC89 (1989$) 0 1000000
S207 VDEBT89 (1989$) 0 780000
S209 VREAL89 (1989$) -10000 9999999
S211 VSTOC89 (1989$) -1000 5000000
S213 VTRAN89 (1989$) -4000 200000
S215 VVALU89 (1989$) 0 1100000
S216 WEALTH1 89 (1989$ NO MAIN HOME EQUITY) -779892 14359999
S217 WEALTH2 89 (1989$ MAIN HOME EQUITY INCL) -779892 14609999
------------------------------------------------------------------------------
Variable Label Mean Std Dev
------------------------------------------------------------------------------
S201 FAMILY ID 1989 (V16302) 3558 2054
S203 VBUSI89 (1989$) 16436 192432
S205 VCHEC89 (1989$) 11813 38668
S207 VDEBT89 (1989$) 2714 12743
S209 VREAL89 (1989$) 15767 156651
S211 VSTOC89 (1989$) 8023 73036
S213 VTRAN89 (1989$) 6931 11518
S215 VVALU89 (1989$) 4592 32875
S216 WEALTH1 89 (1989$ NO MAIN HOME EQUITY) 60849 322936
S217 WEALTH2 89 (1989$ MAIN HOME EQUITY INCL) 90784 345835
------------------------------------------------------------------------------
Variable Label N
--------------------------------------------------------S201 FAMILY ID 1989 (V16302) 7114
S203 VBUSI89 (1989$) 7114
S205 VCHEC89 (1989$) 7114
S207 VDEBT89 (1989$) 7114
S209 VREAL89 (1989$) 7114
S211 VSTOC89 (1989$) 7114
S213 VTRAN89 (1989$) 7114
S215 VVALU89 (1989$) 7114
S216 WEALTH1 89 (1989$ NO MAIN HOME EQUITY) 7114
S217 WEALTH2 89 (1989$ MAIN HOME EQUITY INCL) 7114
--------------------------------------------------------
RELEASE NUMBERCumulative Cumulative
S300 Frequency Percent Frequency Percent
1 8628 100.0 8628 100.0
BUSI94 WHETHER FARM/ BUSINESS (QG124)
Cumulative Cumulative
S302 Frequency Percent Frequency Percent
1 899 10.4 899 10.4
0 7729 89.6 8628 100.0
CHEC94 WHETHER CHECKING/SAVINGS (QG135)Cumulative Cumulative
S304 Frequency Percent Frequency Percent
1 5688 65.9 5688 65.9
0 2940 34.1 8628 100.0
DEBT94 WHETHER CREDIT CARD OTHER (QG146)Cumulative Cumulative
S306 Frequency Percent Frequency Percent
1 4065 47.1 4065 47.1
0 4563 52.9 8628 100.0
REAL94 WHETHER OTHER REAL ESTATE (QG115)
Cumulative Cumulative
S308 Frequency Percent Frequency Percent
1 1178 13.7 1178 13.7
0 7450 86.3 8628 100.0
STOC94 WHETHER STOCK/MF/IRA (QG129)Cumulative Cumulative
S310 Frequency Percent Frequency Percent
1 2181 25.3 2181 25.3
0 6447 74.7 8628 100.0
VALU94 WHETHER OTHER SAV/ASSETS (QG141)Cumulative Cumulative
S314 Frequency Percent Frequency Percent
1 1786 20.7 1786 20.7
0 6842 79.3 8628 100.0
Variable Label Minimum Maximum
------------------------------------------------------------------------------
S301 FAMILY ID 1994 (ER2002) 14 16970
S303 VBUSI94 (1994$) 0 5000000
S305 VCHEC94 (1994$) 0 1250000
S307 VDEBT94 (1994$) 0 2000000
S309 VREAL94 (1994$) 0 7000000
S311 VSTOC94 (1994$) 0 9999997
S313 VTRAN94 (1994$) 0 270000
S315 VVALU94 (1994$) 0 1100000
S316 WEALTH1 94 (1994$ NO MAIN HOME EQUITY) -694000 10284997
S317 WEALTH2 94 (1994$ MAIN HOME EQUITY INCL) -644000 10584997
------------------------------------------------------------------------------
Variable Label Mean Std Dev
------------------------------------------------------------------------------
S301 FAMILY ID 1994 (ER2002) 8515 3985
S303 VBUSI94 (1994$) 16430 152275
S305 VCHEC94 (1994$) 13574 46875
S307 VDEBT94 (1994$) 4937 35483
S309 VREAL94 (1994$) 16373 149240
S311 VSTOC94 (1994$) 17782 142603
S313 VTRAN94 (1994$) 9017 14246
S315 VVALU94 (1994$) 7572 38883
S316 WEALTH1 94 (1994$ NO MAIN HOME EQUITY) 75811 311455
S317 WEALTH2 94 (1994$ MAIN HOME EQUITY INCL) 110187 358355
------------------------------------------------------------------------------
Variable Label N
--------------------------------------------------------S301 FAMILY ID 1994 (ER2002) 8628
S303 VBUSI94 (1994$) 8628
S305 VCHEC94 (1994$) 8628
S307 VDEBT94 (1994$) 8628
S309 VREAL94 (1994$) 8628
S311 VSTOC94 (1994$) 8628
S313 VTRAN94 (1994$) 8628
S315 VVALU94 (1994$) 8628
S316 WEALTH1 94 (1994$ NO MAIN HOME EQUITY) 8628
S317 WEALTH2 94 (1994$ MAIN HOME EQUITY INCL) 8628
--------------------------------------------------------
RELEASE NUMBER Cumulative Cumulative S400 Frequency Percent Frequency Percent
1 6997 100.0 6997 100.0OWNERSHIP FREQUENCIES (1999)
BUSI99 WHETHER FARM/ BUSINESS (W10)
Cumulative Cumulative
ER402 Frequency
Percent Frequency
Percent
0 6205 88.68
6205 88.68
1
792 11.32
6997 100.00
CHEC99 WHETHER CHECKING/SAVINGS (W27)
Cumulative Cumulative
ER404 Frequency
Percent Frequency
Percent
0 1651 23.60
1651 23.60
1 5346 76.40
6997 100.00
DEBT99 WHETHER CREDIT CARD OTHER
(W38)
Cumulative Cumulative
ER406 Frequency
Percent Frequency
Percent
0 3604 51.51
3604 51.51
1 3393 48.49
6997 100.00
REAL99 WHETHER OTHER REAL ESTATE (W1)
Cumulative
Cumulative
ER408 Frequency
Percent Frequency
Percent
0 6082 86.92
6082 86.92
1
915 13.08
6997 100.00
STOC99 WHETHER STOCK/MF (NOT IRA) (W15)
Cumulative Cumulative
ER410 Frequency
Percent Frequency
Percent
0 5492 78.49
5492 78.49
1 1505 21.51
6997 100.00
VALU99 WHETHER OTHER SAV/ASSETS (W33)
Cumulative Cumulative
ER414 Frequency
Percent Frequency
Percent
0 5753 82.22
5753 82.22
1 1244 17.78
6997 100.00
IRA99 WHETHER ANNUITIES/IRA (W21)
Cumulative Cumulative
ER418 Frequency
Percent Frequency
Percent
0 5240 74.89
5240 74.89
1 1757 25.11
6997 100.00
VALUE MEANS / STANDARD DEVIATIONS /
MIN / MAX (1999)
Variable Label
N
Mean Std
Dev
ER400 RELEASE NUMBER
6997 2.0000000
0
ER401 FAMILY ID
1999
(ER13002)
6997
3549.14
2107.69
ER402 BUSI99 WHETHER
FARM/ BUSINESS
(W10) 6997 0.1131914 0.3168492
ER403 VBUSI99
(1999$)
6997
34078.30 495596.15
ER404 CHEC99 WHETHER
CHECKING/SAVINGS (W27) 6997 0.7640417 0.4246266
ER405 VCHEC99
(1999$)
6997
12590.02
62352.01
ER406 DEBT99 WHETHER
CREDIT CARD OTHER (W38) 6997 0.4849221 0.4998083
ER407 VDEBT99
(1999$)
6997
5455.83
29962.71
ER408 REAL99 WHETHER
OTHER REAL ESTATE (W1) 6997 0.1307703 0.3371731
ER409 VREAL99
(1999$)
6997
19443.06 173446.10
ER410 STOC99 WHETHER
STOCK/MF (NOT IRA) (W15) 6997 0.2150922 0.4109156
ER411 VSTOC99
(1999$)
6997
29738.77 391767.68
ER413 VTRAN99 (1999$)
(W6)
6997
11613.13
23257.59
ER414 VALU99 WHETHER
OTHER SAV/ASSETS (W33) 6997 0.1777905 0.3823636
ER415 VVALU99
(1999$)
6997
7930.52
53895.02
ER416 WEALTH199
(1999$ NO MAIN HOME EQUITY) 6997 126947.17 730314.27
ER417 WEALTH299
(1999$ MAIN HOME EQUITY INCL) 6760 167404.52 762730.33
ER418 IRA99 WHETHER
ANNUITIES/IRA (W21)
6997 0.2511076 0.4336813
ER419 VIRA99
(1999$)
6997
17009.20
73934.67
Variable
Label
Minimum
Maximum
ER400 RELEASE
NUMBER
2.0000000 2.0000000
ER401 FAMILY ID
1999
(ER13002)
1.0000000
10071.00
ER402 BUSI99 WHETHER
FARM/ BUSINESS
(W10)
0 1.0000000
ER403 VBUSI99
(1999$)
0 27000000.00
ER404 CHEC99 WHETHER
CHECKING/SAVINGS (W27)
0 1.0000000
ER405 VCHEC99
(1999$)
0
3200000.00
ER406 DEBT99 WHETHER
CREDIT CARD OTHER (W38)
0 1.0000000
ER407 VDEBT99
(1999$)
0 2000000.00
ER408 REAL99 WHETHER
OTHER REAL ESTATE (W1)
0 1.0000000
ER409 VREAL99
(1999$)
0 10000000.00
ER410 STOC99 WHETHER
STOCK/MF (NOT IRA) (W15)
0 1.0000000
ER411 VSTOC99
(1999$)
0 25000000.00
ER413 VTRAN99 (1999$)
(W6)
0 930000.00
ER414 VALU99 WHETHER
OTHER SAV/ASSETS (W33)
0 1.0000000
ER415
VVALU99 (1999$)
0 2000000.00
ER416 WEALTH199
(1999$ NO MAIN HOME EQUITY)
-898150.00 27572000.00
ER417 WEALTH299
(1999$ MAIN HOME EQUITY INCL) -898150.00
27732000.00
ER418 IRA99 WHETHER
ANNUITIES/IRA (W21)
0 1.0000000
ER419 VIRA99
(1999$)
0 2400000.00
RELEASE NUMBER
Cumulative Cumulative S500 Frequency Percent Frequency Percent
1 7406 100.0 7406 100.0
BUSI01 WHETHER Farm/Business (w10 )
Cumulative
Cumulative
S502 Frequency
Percent Frequency
Percent
0 6550 88.44 6550 88.44
1
856 11.56
7406 100.00
CHEC01 WHETHER Checking/Savings (w27)
Cumulative Cumulative
S504
Frequency Percent
Frequency Percent
0 1844 24.90
1844 24.90
1 5562 75.10
7406 100.00
DEBT01 WHETHER Credit Card Other (w38)
Cumulative Cumulative
S506 Frequency
Percent Frequency
Percent
0 3560 48.07
3560 48.07
1 3846 51.93
7406 100.00
REAL01
WHETHER Other Real Estate (w1)
Cumulative Cumulative
S508 Frequency
Percent Frequency
Percent
0 6433 86.86
6433 86.86
1 973 13.14 7406 100.00
STOCK01 WHETHER STOCK/MF (w15)
Cumulative
Cumulative
S510 Frequency
Percent Frequency
Percent
0 5729 77.36
5729 77.36
1 1677 22.64
7406 100.00
VALU01 WHETHER Other Sav/Assets (w33)
Cumulative Cumulative
S514 Frequency
Percent Frequency
Percent
0 6112 82.53
6112 82.53
1 1294 17.47
7406 100.00
IRA01
WHETHER Annuities/IRA (w21)
Cumulative Cumulative
S518 Frequency
Percent Frequency
Percent
0 5438 73.43
5438 73.43
1 1968 26.57 7406 100.00
VALUE MEANS / STANDARD DEVIATIONS / MIN / MAX (2001)
Variable Label
N
Mean Std
Dev
S500 RELEASE
NUMBER
7406 1.0000000
0
S501 FAMILY ID
2001
7406
3714.79
2148.34
S502 BUSI01 WHETHER
Farm/Business (w10 ) 7406 0.1155820 0.3197445
S503 VBUSI01
(2001$)
7406
27483.58 359622.06
S504 CHEC01 WHETHER
Checking/Savings (w27) 7406 0.7510127 0.4324556
S505 VCHEC01
(2001$)
7406
14830.08
83192.53
S506 DEBT01 WHETHER
Credit Card Other (w38) 7406 0.5193087 0.4996608
S507 VDEBT01
(2001$)
7406
6360.51
20152.10
S508 REAL01 WHETHER
Other Real Estate (w1) 7406 0.1313800 0.3378382
S509 VREAL01
(2001$)
7406
22207.52 264950.04
S510 STOCK01 WHETHER
STOCK/MF (w15)
7406 0.2264380 0.4185541
S511 VSTOCK01
(2001$)
7406
31178.54 494325.97
S513 VTRAN01
(2001$)
7406
12283.47
19215.09
S514 VALU01 WHETHER
Other Sav/Assets (w33) 7406 0.1747232 0.3797558
S515 VVALU01
(2001$)
7406
9541.33
66952.89
S516 WEALTH101
(2001$ NO MAIN HOME EQUITY) 7406 133139.21 797384.89
S517 WEALTH201
(2001$ MAIN HOME EQUITY INCL) 7152 184341.98 860202.15
S518 IRA01 WHETHER
Annuities/IRA (w21)
7406 0.2657305 0.4417512
S519 VIRA01 (2001$)
7406
21975.20 142247.93
Variable
Label
Minimum
Maximum
S500 RELEASE
NUMBER
1.0000000 1.0000000
S501 FAMILY ID
2001
1.0000000
7457.00
S502 BUSI01 WHETHER
Farm/Business (w10 )
0 1.0000000
S503 VBUSI01
(2001$)
0 22000000.00
S504 CHEC01 WHETHER
Checking/Savings (w27)
0 1.0000000
S505 VCHEC01
(2001$)
0 4000000.00
S506 DEBT01 WHETHER
Credit Card Other (w38)
0 1.0000000
S507 VDEBT01
(2001$)
0 470000.00
S508 REAL01 WHETHER
Other Real Estate (w1)
0 1.0000000
S509 VREAL01
(2001$)
0
15000000.00
S510 STOCK01 WHETHER
STOCK/MF (w15)
0 1.0000000
S511 VSTOCK01
(2001$)
0 40000000.00
S513 VTRAN01
(2001$)
0 300000.00
S514 VALU01 WHETHER
Other Sav/Assets (w33)
0 1.0000000
S515 VVALU01
(2001$)
0 2000000.00
S516 WEALTH101
(2001$ NO MAIN HOME EQUITY)
-386500.00 42208000.00
S517 WEALTH201
(2001$ MAIN HOME EQUITY INCL) -335200.00
43008000.00
S518 IRA01 WHETHER
Annuities/IRA (w21)
0 1.0000000
S519 VIRA01 (2001$)
0 10000000.00
Variables used for imputations in each data collection year 1984, 1989, 1994, 1999, and 2001 are listed below. The input questions/variables and value codes can be obtained by going to the documentation (http://simba.isr.umich.edu/Zips/ZipMain.aspx) and the appropriate year.
V10018 1984 HOUSE VALUE (B7)
V10019 ACC 1984 HOUSE VALUE
V10020
1984 REM MORT PRIN (B9)
V10021 ACC REM MORT PRIN-1984
V10400 1968 ID
V10898 K113 WTR
OWN OTR RL EST
V10899 K114 $ $ PROFIT IF SOLD
V10900 K115 WTR PROF $ $ 25000+
V10901 K116 WTR PROFT $ $ 100000+
V10902 K117 WTR PROFIT $ $ 1000+
V10903 K118 $ $ VALUE VEHICLES
V10904 K119 WTR VALUE $ $ 5000+
V10905 K120 WTR VALUE $ $ 25000+
V10906 K121 WTR VALUE $ $ 1000+
V10907 K122 WTR OWN FARM/BUS
V10908 K123 $ $ PROFIT IF SOLD
V10909 K124 WTR PROFIT $ $ 25000+
V10910 K125 WTR PROFT $ $ 100000+
V10911 K126 WTR PROFT $ $ 1000+
V10912 K127 WTR OWN STOCK,ETC
V10913 K128 $ $ PROFIT IF SOLD
V10914 K129 WTR PROFIT $ $ 10000+
V10915 K130 WTR PROFT $ $ 100000+
V10916 K131 WTR PROFIT $ $ 1000+
V10917 K132 WTR CK/SAV/CD,ETC
V10918 K133 $ $ AMT ALL ACCTS
V10919 K134 WTR AMOUNT $ $ 10000+
V10920 K135 WTR AMT $ $ 100000+
V10921 K136 WTR AMOUNT $ $ 1000+
V10922 K137 WTR BOND/INS,ETC.
V10923 K138 $ $ PROFIT IF SOLD
V10924 K139 WTR PROFIT $ $ 10000+
V10925 K140 WTR PROFT $ $ 100000+
V10926 K141 WTR PROFIT $ $ 1000+
V10932 K145 WTR OTHER DEBTS
V10933
K146 $ $ VALUE ALL DEBTS
V10934 K147 WTR DEBTS $ $
5000+
V10935 K148 WTR DEBTS $ $ 25000+
V10936 K149 WTR DEBTS $ $ 1000+
V16324 1989 HOUSE VALUE (A9)
V16325 ACC 89 HOUSE VALUE
V16326
1989 REM MORT PRIN (A11)
V16327 ACC REM MORT PRIN
V17317 G115 WTR OTR REAL ESTATE
V17318 G116 PROFIT IF SOLD
V17319
G117-119 REAL ESTATE
V17320 G120 VALUE VEHICLES
V17321 G121-123 VEHICLES
V17322
G124 WTR OWN FARM/BUSNES
V17323 G125 PROFIT IF SOLD
V17324 G126-128 FARM/BUSINESS
V17325 G129 WTR OWN STOCKS, ETC
V17326 G130 PROFIT IF SOLD
V17327
G131-134 STOCKS, ETC
V17328 G135 WTR CK/SAV/CD, ETC
V17329 G136 AMT ALL ACCTS
V17330
G137-140 CK/SAV/CD, ETC
V17331 G141 WTR BOND/INS, ETC
V17332 G142 PROFIT IF SOLD
V17333 G143-145 BONDS/INS, ETC
V17334 G146 WTR OTHER DEBTS
V17335
G147 VALUE ALL DEBTS
V17336 G148-150 OTHER DEBTS
V17612 1989 FAMILY WEIGHT
ER2032 A19 OWN/RENT OR WHAT
ER2033
A20 HOUSE VALUE
ER2036 A23 HAVE MORTGAGE?
ER2037 A24 REM PRINCIPAL MOR 1
ER2038 A24 REM PRINCIPAL MOR 2
ER2045 A28 2ND MORTGAGE
ER3721
G115 WTR OTR REAL ESTATE
ER3722 G116 PROFIT IF SOLD
ER3723 G117 REAL ESTATE
ER3724
G118 REAL ESTATE
ER3725 G119 REAL ESTATE
ER3726 G120 VALUE VEHICLES
ER3727
G121 VEHICLES
ER3728 G122 VEHICLES
ER3729 G123 VEHICLES
ER3730 G124
WTR OWN FARM/BUSNES
ER3731 G125 PROFIT IF SOLD
ER3732 G126 FARM/BUSINESS
ER3733
G127 FARM/BUSINESS
ER3734 G128 FARM/BUSINESS
ER3735 G129 WTR OWN STOCKS, ETC
ER3736 G130 PROFIT IF SOLD
ER3737
G131 STOCKS, ETC
ER3738 G132 STOCKS, ETC
ER3739 G133 STOCKS, ETC
ER3740
G134 STOCKS, ETC
ER3741 G135 WTR CK/SAV/CD, ETC
ER3742 G136 AMT ALL ACCTS
ER3743
G137 CK/SAV/CD, ETC
ER3744 G138 CK/SAV/CD, ETC
ER3745 G139 CK/SAV/CD, ETC
ER3746
G140 CK/SAV/CD, ETC
ER3747 G141 WTR BOND/INS, ETC
ER3748 G142 PROFIT IF SOLD
ER3749
G143 BONDS/INS, ETC
ER3750 G144 BONDS/INS, ETC
ER3751 G145 BONDS/INS, ETC
ER3752
G146 WTR OTHER DEBTS
ER3753 G147 VALUE ALL DEBTS
ER3754 G148 OTHER DEBTS
ER3755
G149 OTHER DEBTS
ER3756 G150 OTHER DEBTS
ER17002 2001 FAMILY INTERVIEW (ID) NUMBER
ER17043 A19
OWN/RENT OR WHAT
ER17044 A20 HOUSE VALUE
ER17046 A21 ANNUAL PROPERTY
TAX
ER17048 A22 ANNUAL OWNR INSURANC
ER17049 A23 HAVE MORTGAGE?
ER17050
A23A TYPE MORTGAGE MOR 1
ER17052 A24 REM PRINCIPAL MOR 1
ER17054 A25
MNTHLY PMTS MOR
1
ER17056 A25A CURR INTEREST RATE WHOLE PERCENT #1
ER17057 A25A
CURR INT RATE DECIMAL FRACTION #1
ER17059 A27 YRS TO PAY MOR
1
ER17061 A23A TYPE MORTGAGE MOR 2
ER17063 A24 REM PRINCIPAL MOR
2
ER17065 A25 MNTHLY PMTS MOR 2
ER17067 A25A CURR INTEREST RATE
WHOLE PERCENT #2
ER17068 A25A CURR INT RATE DECIMAL FRACTION #2
ER17070
A27 YRS TO PAY MOR 2
ER19187 W1 WTR OTR REAL
ESTATE
ER19189 W2 PROFIT IF SOLD OTR REAL ESTATE
ER19190 W3 WTR PROFIT GE
50,000
ER19191 W4 WTR PROFIT GE 150,000
ER19192 W5 WTR PROFIT GE
5,000
ER19193 W6 PROFIT IF SOLD VEHICLES
ER19194 W7 WTR PROFIT GE
10,000
ER19195 W8 WTR PROFIT GE 25,000
ER19196 W9 WTR PROFIT GE
2,000
ER19197 W10 WTR OWN BUSINESS/FARM
ER19198 W11 PROFIT IF SOLD
BUSINESS/FARM
ER19199 W12 WTR PROFIT GE 50,000
ER19200 W13 WTR PROFIT GE
200,000
ER19201 W14 WTR PROFIT GE 10,000
ER19202 W15 WTR OWN NON-IRA
STOCK
ER19203 W16 PROFIT IF SOLD NON-IRA STOCK
ER19204 W17 WTR PROFIT GE
25,000
ER19205 W18 WTR PROFIT GE 50,000
ER19206 W19 WTR PROFIT GE
100,000
ER19207 W20 WTR PROFIT GE 5,000
ER19208 W21 WTR IRA/PRIVATE
ANNUITY
ER19210 W22 VALUE OF IRA/ANNUITY
ER19211 W23 WTR VALUE GE
25,000
ER19212 W24 WTR VALUE GE 50,000
ER19213 W25 WTR VALUE GE
100,000
ER19214 W26 WTR VALUE GE 5,000
ER19215 W27 WTR CK/SAVINGS/CD,
ETC
ER19216 W28 AMT ALL ACCOUNTS
ER19217 W29 WTR VALUE GE 5,000
ER19218
W30 WTR VALUE GE 10,000
ER19219 W31 WTR VALUE GE 50,000
ER19220 W32 WTR
VALUE GE 1,000
ER19221 W33 WTR BONDS/INSURANCE, ETC.
ER19222 W34 PROFIT IF
SOLD BONDS/INSURANCE
ER19223 W35 WTR PROFIT GE 10,000
ER19224 W36 WTR
PROFIT GE 25,000
ER19225 W37 WTR PROFIT GE 2,000
ER19226 W38 WTR OTHER
DEBTS
ER19227 W39 VALUE ALL DEBTS
ER19228 W40 WTR DEBTS GE
2,000
ER19229 W41 WTR DEBTS GE 5,000
ER19230 W42 WTR DEBTS GE 1,000
Listed below you will find the complete text for the wealth component questions from the 1989 survey instrument and 1989 annual documentation volumes for further information. The dollar values defining the bracket ranges in the questions differ some between 1984 and 1989, but are identical between 1989 and 1994. The 1994 and 1999 values are the same. To view the 1994, 1999, and 2001 wealth questions please visit Documentation. The Packaged Main Data, Documentation, and Questionnaires URL is http://simba.isr.umich.edu/Zips/ZipMain.aspx.
A9. Could you tell me what the present value of our (house/apartment/farm) is -- I mean about how much would it bring if you sold it today?
A11. About how much is the remaining principal on this mortgage? (Repeated for additional mortgages.)
G115. The questions I will be asking are designed to give estimates of the wealth of families in the United States and how this has changed in the last five years. We start with a rough measure of savings and assets you may have other than your main home.
Do you (or your family living there) have any real estate other than your main home, such as a second home, land, rental real estate, or money owed to you on a land contract?
G116. If you sold all that and paid off any debts on it, how much would you realize on it?
G117. Would it amount to $50,000 or more?
G118. $150,000 or more?
G119. $5,000 or more?
G120. What about the value of what you (or anyone in your family living there) own on wheels, like cars, trucks, a motor home, a trailer, or a boat--what are they worth all together, minus anything you still owe on them?
G121. Would they amount to $10,000 or more?
G122. $25,000 or more?
G123. $2,000 or more?
G124. Do you (or anyone in your family living there) own part or all of a farm or business?
G125. If you sold all that and paid off any debts on it, how much would you realize on it?
G126. Would it amount to $50,000 or more?
G127. $200,000 or more?
G119. $10,000 or more?
G129. Do you (or anyone in your family living there) have any shares of stock in publicly held corporations, mutual funds, or investment trusts, including stocks in IRAs?
G130. If you sold all that and paid off anything you owed on it, how much would you have?
G131. Would it amount to $25,000 or more?
G132. $50,000 or more?
G133. $100,000 or more?
G134. $5,000 or more?
G135. Do you (or anyone in your family living there) have any money in checking or savings accounts, money market bonds, or Treasury bills, including IRA's?
G136. If you added up all such accounts (for all of your family living there), about how much would they amount to right now?
G137. Would they amount to $5,000?
G138. $10,000 or more?
G139. $50,000 or more?
G140. $1,000 or more?
G141. Do you (or anyone in your family living there) have any other savings or assets, such as bond funds, cash value in a life insurance policy, a valuable collection for investment purposes, or rights in a trust or estate that you haven't already told us about?
G142. If you sold all that and paid off any debts on it, how much would you have?
G143. Would it amount to $10,000 or more?
G144. $25,000 or more?
G145. $2,000 or more?
G146. Aside from the debts that we have already talked about, do you (or anyone in your family living there) currently have any other debts besides any mortgage on your main home--such as for credit card charges, student loans, medical or legal bills, or on loans from relatives?
G147. If you added up all of these debts (for all of your family living there), about how much would they amount to right now?
G148. Would they amount to $2,000 or more?
G149. $5,000 or more?
G150. $1,000 or more?
If you have questions for the PSID Staff, please contact us at psidhelp@isr.umich.edu.
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