Record Surge in American Household Wealth During the Pandemic

According to a survey by the Federal Reserve, the average American family's net worth increased by 37% between 2019 and 2022, the largest three-year increase on record. The survey also revealed a narrowing of the wealth gap between rich and poor. Temporary government relief measures during the pandemic may have contributed to these gains. While median family income rose by 3%, it was concentrated among higher-income individuals. Debt levels remained stable, and the share of families filing for bankruptcy decreased. Homeownership increased, but rising home values made homes less affordable for new buyers.