Posted 10/24/2023, 8:35:44 PM
American Household Wealth Jumped 23% to Over $1 Million During Pandemic, But Inflation Now Eroding Gains
- Average American household net worth hit $1.06M in 2022, up 23% from 2019, per Federal Reserve data
- Rising house prices helped increase household net worth; mean home value rose 18% to $471K
- Retirement accounts and vehicle values also rose from 2019 to 2022
- Median household net worth increased 37% from $141K to $193K amid pandemic
- But high inflation has started eroding consumers' purchasing power and savings from pandemic
