The median amount of home equity held by U.S. households stood at $50,000 in 1995, an amount virtually unchanged from two years earlier, the Census Bureau says in a new report which conflicts with an earlier study written by the Consumer Federation of America.

The CFA found that despite unprecedented economic prosperity, the average amount of equity owners have in their homes actually declined between 1995 and 1998.

It didn't drop by much, only $1,500 from $91,000 to $89,500. But it was enough that the consumer group found it necessary to issue a stern warning about borrowing against your home.

CFA President Steven Brobeck said home owners need to be more cautious when using the equity they've built up over the years. There's nothing wrong with using house-dollars to pay for home improvements, education, medical needs, or even business opportunities, he said. It's not even a mistake to use the money to pay off more expensive debt.

But don't use it to take a vacation or go off on a fling, he cautioned. And certainly don't take on new debt if you borrow to pay off old debt.

That's sound advice, and it should be followed whether your equity is falling or not. But the new Census Bureau report says home equity hasn't fallen, at least not between the years 1993-1995.

In '93, home equity, the largest single segment of household net worth, was $50,000; in '95, it was $49,156.

The median net worth of U.S. households stood wasn't statistically different in those two years, either, the government says. It was $40,200 in both years.

Household net worth is defined as the value of assets, minus debts. Half of all households had net worth above the median figure and half were below. Included in net worth were interest-earning assets, checking accounts, stocks and mutual fund shares, real estate, motor vehicles, value of business or profession and mortgages held by sellers.

"The apparent stability of the household wealth resulted from offsetting changes in the median household values of specific asset types," said Census Bureau analyst Thomas Palumbo.

For example, asset holdings in stocks, rental property, vehicle equity and retirement accounts (IRA and Keogh) experienced significant increases between 1993 and 1995. Decreases occurred in the median household values of interest-earning assets held at financial institutions and U.S. Savings Bonds.

Other highlights from the Census Bureau study showed that:

• In 1995, median net worth holdings for married-couple householders ($64,694) and female householders ($14,949) were not statistically different from 1993. The median net worth for male householders was $16,346, up from $14,219 in 1993.

• In 1995, the net worth for households with a White householder was $49,030; for households with an African American householder, it was $7,073, and for those with a Hispanic householder, it was $7,255. Hispanics may be of any race.

• The median net worth of households generally increased with the age of the householder, rising from $7,428 for those under 35 to $92,399 for householders age 65 and older.

• After home equity, interest-earning assets at financial institutions made up the largest share of net worth, although this share decreased slightly from 11.4 percent in 1993 to 9.6 percent in 1995. The median value of household holdings in these assets was $2,537 in 1995.

• The percentage of household net worth held in IRA and Keogh accounts jumped from 6.7 percent in 1993 (median value of $13,677 in 1995 dollars) to 8.3 percent in 1995 ($15,000).

• The real median value of stock and mutual funds held by households increased from $7,331 in 1993 to $9,000 in 1995, although the ownership rate of these assets held steady at around 21 percent.

• Vehicles made up a higher proportion of households' overall net worth in 1995 than in 1993: 8.3 percent compared with 6.4 percent. The real median value of holdings in vehicles grew from $5,414 in 1993 to $6,675 in 1995.

For more articles by Lew Sichelman, please press here.