The person’s age will matter a lot in terms of what a “typical” net worth might be. A couple who had kids when they were 20, and are now 38 with a child applying to university is likely to have a different net worth than a couple who had kids when they were 40 and have a child applying to university when the parents are 58.
Also, where you live will matter. $115 per year is not much to live on if you live and work in Manhattan (downtown New York City). It however would go a lot further if you are in many small rural towns.
I have met people with an income more than twice this who never saved a penny in their life. I have met people with an income less than this who save 20% or more of their income. Lifestyles can vary a lot. The US is a rather diverse country in many ways including lifestyles and views on frugal living.