American Families See Biggest Wealth Surge in Decades, But Gains Concentrated Among High Earners

The average American family's net worth increased 37% between 2019 and 2022, according to a Federal Reserve survey. This was the largest 3-year increase since the survey began over 30 years ago.

Median family income rose 3% during the survey period, but gains were concentrated among high income households.

Home ownership increased modestly to nearly 2/3 of families, despite declining affordability.

Bankruptcies fell to 1.3% of families from 2% in 2019 and 3% in 2016.

In 2022, the median home price was over 4.5 times higher than the median family income, worsening affordability.