The Federal Reserve conducts its Survey of Consumer Finances (SCF) every three years. The report provides a snapshot of the financial conditions of U.S. households, measuring income, assets, and debt across various demographic categories.
The latest SCF was conducted in 2022 and published in 2023. The median net worth among U.S. families at the time was $192,700. Median is one way to measure the average. It refers to the middle value of a data set, meaning half the numbers are bigger and half the numbers are smaller. So, anyone with a net worth above $192,700 ranks in the top 50% of American households.
However, it makes more sense for individuals to benchmark themselves against people of a similar age. Time is one of the most important variables when it comes to building wealth. Read on for an age-based breakdown of the median net worth in the U.S. and to see five money-making strategies for 2025 and beyond.
By definition, net worth equals assets minus liabilities. Some of the most common assets are bank accounts, retirement accounts, and brokerage accounts. And some of the most common liabilities are credit card debt, mortgages, and auto loans. The chart below shows the median net worth among American households based on the age of the reference person.
Data source: Federal Reserve 2022 Survey of Consumer Finances. Note: Reference person refers to the male in mixed-sex couples and the older individual in same-sex couples.
As shown above, U.S. households reported a median net worth of $192,700 in the 2022 Survey of Consumer Finances. That means half of households reported a greater net worth, while the other half reported a smaller one. The same applies to the net worth shown for specific age groups.
The first three steps to increasing your net worth are creating a budget, tracking your spending, and paying down high-interest debt. Financial advisors often suggest the 50-30-20 budgeting framework, which divides after-tax income into three spending categories:
It makes sense to pay down high-interest debts as fast as possible. Doing so should take priority over discretionary purchases and saving for retirement. Credit cards are the most common source, but any loans that charge 8% or more qualify as high-interest debt.