Household Net Worth Reaches Record $77.3 Trillion
Household net worth hit a record high of $77.3 trillion at the end of the third quarter, according to the Federal Reserve’s Financial Accounts of the United States. This was an increase of $1.92 trillion over the second quarter figure.
Household debt rose at an annual rate of 3.0 percent in the third quarter. Home mortgage debt rose about 1 percent in the third quarter. This is the first increase in home mortgage debt since the first quarter of 2008.
Consumer credit rose at an annual rate of 6.0 percent, about the same as the increase in the previous quarter.
The value of corporate equities and mutual funds owned by households expanded $917 billion and the value of residential real estate owned by households increased approximately $428 billion.