. Author manuscript; available in PMC: 2020 Aug 1.

Published in final edited form as: J Money Credit Bank. 2019 Jan 17;51(5):1403–1426. doi: 10.1111/jmcb.12595

Table 2:

Summary Statistics for Homeowners who Buy New Cars

Summary statistic:	Method of funding new car purchase
Summary statistic:	Cash/other	Home equity	Auto loans
Median liquid assets (2013 dollars)	42,134^*	21,909	10,500^**
Median net worth (2013 dollars)	1,057,283^**	598,906	291,000^**
Median family income (2013 dollars)	129,204	114,026	99,909
Turned down for credit in past five years (Percent)	7	15	20
Did not apply b/c worried turned down for credit (Percent)	2	2	10^**
Avg. age of household head (Years)	60^**	50	48
College graduate (Percent)	54	43	43
Own stock directly (Percent)	48	39	24
Memo:
N	992	29	686

Notes: Authors’ calculations from Survey of Consumer Finances data (2004, 2007, 2010, and 2013). Figures are calculated with sample weights. Figures in 2013 dollars are calculated with the Consumer Price Index from the Bureau of Labor Statistics. Asterisks denote the statistical significance of the summary statistics in each column from the estimates for those who purchase a car with home equity

denotes the 5 percent level and

^**

is the 1 percent level.

Statistical significance is based on standard errors bootstrapped with 999 replicates drawn in accordance with the SCF sample design and adjusted for imputation uncertainty.