The net worth of the typical U.S. household grew at the fastest pace in more than three decades from 2019 through 2022, while low interest rates made it easier for households to pay their debts.
FILE - Macy Norman, center, serves a table of guests at Puckett’s Grocery and Restaurant, on Sept. 10, 2021, in Nashville, Tenn. The net worth of the typical U.S. household grew at the fastest pace in more than three decades from 2019 through 2022, while low interest rates made it easier for households to pay their debts, according to a government report Wednesday. FILE - Travelers walk through LaGuardia Airport’s Terminal B, Nov. 22, 2022, in New York. The net worth of the typical U.S.
Economic growth in the just-completed July-September quarter may have topped a robust 4% annual rate, boosted by strong consumer spending for physical goods as well as for services, a broad category that includes airline travel, entertainment, restaurant meals and numerous other experiences. Government-provided stimulus payments in the aftermath of the pandemic also boosted households’ finances during those three years. The median value of checking and savings accounts and other cash holdings surged 30%. And with borrowing rates historically low, Americans dedicated just 13.4% of their incomes to paying off debt in 2022, the lowest such proportion since the Fed survey began in 1989.
Even so, substantial wealth inequality remained in place during the survey period, reflecting decades of widening disparities between the richest households and everyone else. Among the wealthiest 10% of households, median wealth reached nearly $3.8 million in 2022.
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