Household Wealth Grew In the Years Before the Pandemic
September 28, 2020
American families saw increased net worth and income in the years leading up to the pandemic, according to the Federal Reserve’s Survey of Consumer Finances.
The survey, which is conducted every three years, found that the median net worth for U.S. households rose 18% to $127,000. The increase was driven primarily by increases in stock prices and property values. Median household income rose 5% to $58,600, before taxes and adjusted for inflation.
The net worth of earners in the lowest income groups saw big percentage increases. The lowest earners saw their net worth rise to $9,800, an increase of 37%, while those in the second-lowest group saw a 40% increase to $44,000.