Do you work with the Census Bureau’s net worth estimates? Did you notice that their statistical ranges top out at $500k? I sure did.
What’s the big deal? Well, this forces you to pick an artificial top end. Works OK in low-ish net-worth areas. But look at San Fran or NYC and you’ll drastically under report.
So I devised a method for generating open top range values based on additional sources such as real-estate values, asset and debt indicators, salary data and IRS tax receipts. Sounds good? Well it targeted well in the first year we ran it and we just received the results of our annual update run. Looks like the model scaled in parallel to but independent of the Census’s updated values.