Americans' net worth grew 37% after pandemic hit: Fed survey

foxbusiness.com:

The Fundstrat Global Advisors managing director discusses his take on the markets, the economy and the Federal Reserve's management of rate hikes.

American families posted double-digit percent increases in their real median net worth over the past three years, the Federal Reserve found.

The real median family net worth for 2022 came in at $192,900. The U.S. central bank reported it being at that level on Wednesday as part of its broad Survey of Consumer Finances that contained a swath of other data. 

That equated to a 37% increase from pre-COVID 2019, when it was $141,100, and the «largest three-year increase» in the modern survey’s history, according to the Fed survey.

American families posted double-digit percent increases in their real median net worth over the past three years, the Federal Reserve found. (iStock / iStock)

«The net improvements in economic performance, including rising house and corporate equity prices that well exceeded consumer price inflation, supported substantial increases in median and mean inflation-adjusted net worth … between 2019 and 2022,» the Fed said.

MORTGAGE RATES RISE AGAIN AMID WORSENING HOME AFFORDABILITY CRISIS

In September, the month for which the most recent data is available, the Consumer Price Index experienced a 0.4% month-over-month increase and a 3.7% year-over-year increase, as previously reported by FOX Business. The central bank wants inflation at 2%, a level that it has tried to reach through numerous interest rate hikes in the past year and a half.

The Fed also reported Wednesday that its survey found $70,300 was the median family income in 2021, up $2,400 from three years prior.

The Fed also reported Wednesday that its survey found $70,300 was the median family income