Millennials — born between 1981 and 1996 — saw their wealth double.
Share on linkedin Data: Center for American Progress analysis of Federal Reserve data; Chart: Axios Visuals
Household wealth for those under 40 in the U.S. is up 49% from its pre-pandemic level, according to a new analysis from the left-leaningYoung households haven't seen wealth growth like this since the Federal Reserve first started tracking this data in 1989.over this period, per CAP.Wealth includes the value of a household's assets, including stocks, bank accounts, and real estate, minus its liabilities, such as mortgages and student loan debt.
Average housing wealth rose $22,000 — as homeownership rose and home prices soared. Liquid assets climbed, courtesy of leftover savings from pandemic relief and higher wages.Meanwhile, nonhousing debt fell by $5,000. With more money in their pockets, people could pay off credit cards , or not take that debt on at all.
CAP says these gains are broad-based, pointing to separate data from the Fed's survey of consumer finances that show a 140% increase in median wealth for households under 35 from 2019 to 2022.Without any apparent dip in their avocado toast consumption, young Americans have managed to increase their financial security.Share on linkedin
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