Real median net worth swelled by 37% in 2022 from the pre-pandemic 2019, according to the Fed’s latest Survey of Consumer Finances, a triennial survey that’s been conducted since 1989 to comprehensively measure income, net worth, credit use, debt and other financial outcomes for American families.
The 37% rise in net worth, which was more than double the next-largest upswing on record, was largely fueled by asset growth — specifically home values and stock market gains, Fed researchers said.
From 2019 to 2022, the homeownership rate increased to 66.1% from 64.9% three years earlier; however, median net housing values (home value minus home-secured debt) mushroomed by 45%.
Three years earlier, at the tail end of the largest economic expansion in US history, net housing values increased 13%.
The median home was worth more than 4.6 times the median family income, according to the report.
Persons:
that’s, ’
Organizations:
Minneapolis CNN, Federal Reserve, Consumer Finances
Locations:
Minneapolis