Average American’s Net Worth Rises In Part To Higher Home, Stock Prices

Posted October 26, 2023

The Federal Reserve’s Survey of Consumer Finances data shows net worth for multiple age groups increased by 37 percent between 2019 and 2022.

The substantial increase showed mostly for age groups under the age of 35 and those 55 to 64.

For those under 35, including young millennials and Gen Z, the median real net worth gains increased by 145 percent from $16,100 in 2019 to $39,000 in 2023. This was the largest percentage increase for any age group in the three-year period, however, this age group rakes in the smallest net worth overall.

The second-largest increase in median real net worth was for those 55 to 64. Their income showed an increase of 48 percent from $246,300 in 2019 to $364,500 in 2022.

The Fed’s reasoning behind the heightened income among Americans could be an outcome of government and economic factors, additionally, the pause on student loan payments and interest gave way to higher spending, Business Insider reported.

“The net improvements in economic performance, including rising house and corporate equity prices that well exceeded consumer price inflation, supported substantial increases in median and mean inflation-adjusted net worth—the difference between families’ assets and liabilities—between 2019 and 2022,” the report reads.

View the full Federal Reserve’s Survey of Consumer Finances, here.