Recent Wealth Gains Mask Declining Finances for Many Americans
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Wealth increased between 2019-2022, but much of this is due to temporary inflation in housing and vehicle prices, not real gains.
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Median wealth grew by $54k, but 74% of that was from increased home and vehicle equity that is impractical to access.
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Cash balances that allow day-to-day spending peaked in early 2021 and have declined 40% since, hurting finances.
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Home price appreciation doesn't help most as higher interest rates offset savings from trading up.
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Wealth statistics paint an overly rosy picture; regular people have seen finances worsen recently.