The U.S. consistently ranks at or near the top of the world’s wealthiest countries as determined by different factors and categories. Collectively, we have greater resources than most other nations.
At the same time, financial comfort for some people in Oswego, Yorkville, Naperville, Aurora, Sugar Grove, Montgomery, Plano, Batavia, Geneva and Plainfield (IL) can be relative and based on perspective.
For example, according to a November 2023 Forbes Advisor article, the Federal Reserve’s Survey of Consumer Finances (SCF) identified the average U.S. total transaction account balance as $62,410 in 2022. (Transaction accounts are those that allow easy withdrawals and deposits, e.g. checking, savings, money market accounts.)
Here’s where perspective comes into play: The vast wealth held by the richest Americans skews the average. Perhaps more telling is the median amount – the numeric value that splits the figures into two equal halves. That amount in the survey was $8,000: 50% of account holders had that much or less, and 50% had that amount or more.
We can consider different age groups as well. For example, the Federal Reserve statistics for people 35 to 44 showed an average of $41,540 and a median of $7,500.
Let’s consider a few more findings from the 2022 SCF:
The median family income rose by 2.6% in real terms from 2019 to 2022, while the average income fell by 1.8%.
The median family net worth increased by 5.1% in real terms from 2019 to 2022, while the average net worth rose by 3.7%.
From 2019 to 2022, the share of total net worth held by the top 10% of families increased from 69.6% to 70.1%, while the share held by the bottom 50% remained unchanged at 1.9%.*
With influence from the pandemic, about 28% of families received some form of government assistance in 2022, such as stimulus payments, unemployment benefits or food stamps. About 14% of families also had difficulty paying their bills in 2022, and about 9% of families skipped or deferred debt payments.
The October 2023 edition of the New Reality Check: The Paycheck-to-Paycheck Report also revealed that 62% of adults were living paycheck to paycheck. Of those living paycheck to paycheck, as many as 44% were considered high-income earners.
Consider also that 77% of U.S. households have at least some type of debt. The average total debt per U.S. adult is $58,604. The average credit-card debt per household that carries a balance is $14,241.
The fastest-growing debt in America, student loans also make up 11% of the U.S. debt total, second only to mortgages. As of summer 2021, the average borrower owed $38,792.
In some cases, we might find or define ourselves as financially comfortable, meaning that we have sufficient available funds to make financial choices and pay for unexpected expenses. In other cases, we might find ourselves slimmer in those abilities, whether for a month, a season or longer.
These statistics are relevant in that we all occupy a place among them, and that, in turn, impacts how we manage living expenses such as plumbing service or repair.
Plumbing Service & Repair Costs
The average cost of plumbing repairs in Oswego, Yorkville, Naperville, Aurora, Sugar Grove, Montgomery, Plano, Batavia, Geneva and Plainfield (IL) will depend on the following variables:
- plumber’s skill level
- type of repair
- complexity of the work
- timing (e.g. after hours)
- material costs
Of particular importance is the plumber’s expertise level. A highly skilled professional plumber will often cost more at the outset, but the quality of work and the reduction of future costs and complications will typically provide a much greater return on investment.
Plumbers will typically charge from $100 to $150 per hour with a minimum service call-out fee of $50 to $200. Smaller plumbing repairs such as unclogging a toilet or fixing a leaky faucet will range from $125 to $350. Larger jobs such as repairing a pipe leak will often cost between $500 and $800.
Emergency situations will run higher, as one might expect. Burst pipes in a ceiling or under a concrete foundation can often cost thousands to fix. Replacing a failing water heater or sump pump will similarly cost more than $1,000.
If you have a major pipe burst that causes flooding, the expense can climb into the tens of thousands. While a home insurance policy may cover damage, it often will not pay for the broken pipe unless the break was caused by a covered event.
Plumbing costs clearly can vary. You might just need to replace a kitchen faucet for $200, or you might need new plumbing throughout the house and spend much more.
Smart & Strategic Financing
Having access to helpful financing can benefit both those who need a financial bridge and those who might have good resources but would like to continue to manage them evenly (i.e. spread out available funds instead of use larger amounts at once).
When applied wisely, safe and affordable financing can be an asset for many plumbing customers in Oswego, Yorkville, Naperville, Aurora, Sugar Grove, Montgomery, Plano, Batavia, Geneva and Plainfield (IL) as they plan and maintain their long-term financial security. This can be especially true when we are confronted with higher expenses we do not anticipate, such as a brand-new water heater or extensive house-piping repairs.
As your local resource for always-flowing water, Aquaduct Plumbing supports your ability to bridge household expenses – particularly unplanned ones – and affordably distribute costs while upholding your consistent household wealth and investments.
In addition to precise up-front pricing, we accommodate customers and their budgets with flexible 0% financing (12 to 60 months) for plumbing products and services. Customer-conscious financing also includes a $50 service discount with a special website offer (restrictions apply). Simply scroll down at our home page.
When you apply for 0% financing with Aquaduct, you can receive immediate pre-qualification information as well as a decision in seconds with no impact to your credit-bureau score.
Flexible 0% Financing for Your Plumbing: Contact Aquaduct Today
We really do stand for always-flowing water in Oswego, Yorkville, Naperville, Aurora, Sugar Grove, Montgomery, Plano, Batavia, Geneva and Plainfield (IL). To find out more about our community-based plumbing service and repair and our customer-friendly financing, just give us a call at (630) 504-9594!
All products installed by Aquaduct Plumbing are made in the USA. They are also backed by a manufacturer’s warranty and a service warranty.
