Median and Average American Family Net Worth
The Federal Reserve’s Survey of Consumer Finances provides the primary data on American family net worth. In 2017, the median net worth of U.S. families was approximately $97,300, while the mean net worth was around $692,100. The large gap between median and mean figures highlights the significant influence of high-net-worth households on the average.
Key Components of Family Wealth
Home equity is typically the largest asset for American families, often accounting for the majority of total net worth. Financial assets such as retirement accounts, savings, and investments form another major component. Liabilities, primarily mortgage and consumer debt, are subtracted from total assets to calculate net worth.
Factors Influencing Net Worth Changes
Changes in housing market values and stock market performance directly impact family net worth. Income, savings rates, and debt levels also play critical roles. Demographic factors such as age, education, and race are strongly correlated with wealth accumulation, as detailed in the Federal Reserve’s report.
Comparing 2017 Data to Other Years
The 2017 data showed a recovery from the Great Recession, with median net worth increasing compared to 2016. However, wealth remained unequally distributed across different demographic groups. Long-term trends can be tracked by comparing multiple survey waves from the same source.
