The average American household saw a $51,800 increase in wealth from 2019-2022, raising median net worth to $192,900. Black households experienced the largest growth in median net worth over the period, increasing 60% from $28,000 to $44,900. However, White households had a net worth that was more than 6 times that of Black households at $285,000 in 2022.
The main driver of wealth gain was housing appreciation. For the 65% of Americans who own their homes, rising home prices have had a tremendous impact on increasing their wealth. The Federal Reserve estimates that between 2019 and 2022, Americans who owned their homes gained more than $6 trillion in housing-based wealth. Over the 10-year period between 2012 and 2022, the value of a median-priced home in the U.S. increased by $190,000.
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