Median $215,900, mean $1.24m: two Americas in the Fed's finance survey

One survey, two answers. Ask what a typical American family is worth and the answer is $215,900. Pool the wealth of every family and share it out equally, and each family holds about $1.24m. Using the figures in Table 2 of the report, the second number is about 5.7 times the first.

The figures come from the 2025 Survey of Consumer Finances (SCF), published by the Federal Reserve Board on 9 October 2026. The survey has been run every three years since 1989, is conducted for the Board by NORC at the University of Chicago, and covers 119 geographic areas. The Independent Community Bankers of America (ICBA) relayed the same survey on 13 October, with figures matching the Fed's, and CBS News reported on it on the day of publication. Unless stated otherwise, amounts in this article are adjusted for inflation and expressed in 2025 dollars, with data as of October 2026. The survey counts "families", a definition that differs slightly from the "households" used in general statistics.

Median up 2%, mean up 7%

Between 2022 and 2025, median family net worth rose from $211,100 to $215,900, an increase of 2%. The mean rose from $1,164,100 to $1,241,500, an increase of 7%. The report notes that growth in both was much slower than in 2019 to 2022.

The median is the family standing in the middle when all families are lined up from poorest to richest; the mean is pulled up by a small number of very wealthy families at the far end. On the figures in this article, the mean rising faster than the median suggests that more of the new wealth may have landed at the top. In its analysis of financial assets, the report also says that the large gap between the median and the mean reflects some families holding a disproportionate share.

The Fed's overall verdict is restrained, however: the report describes wealth inequality as showing "little change". In other words, the gap has long been wide and simply did not shift noticeably over these three years.

How far apart are the top and the bottom?

• Top 10% by net worth: the median rose from $4.1527m to $4.9352m, and the mean was $8.9752m. The report says both figures are roughly four to six times those of the next percentile group.
• Bottom 25% by net worth: the median fell from $3,800 to $1,700, and the mean was minus $4,300 (minus $5,800 in 2022).
• By income: for the top 10% of earners, median net worth rose 31% to $3.6699m while the mean rose only 6%; for the bottom 20% of earners, median net worth fell 6%.

Income itself diverged too. In 2025, median family income rose 7% to $82,200, while the mean fell 6% to $145,200.

Age decides who is ahead

By age, median net worth for families aged 75 or over rose 37% to $504,900, the highest of any age group. The report attributes this mainly to rising retirement account values. The CBS News report also focused on this group.

At the other end, median net worth for families under 35 fell 23% to $33,000. The report attributes the fall to the unwinding of gains from business equity between 2019 and 2022.

Retirement accounts: participation edges up, balances rise further

Among families whose reference person is aged 64 or under, the share taking part in a retirement plan (including individual retirement accounts (IRAs), defined contribution plans or defined benefit plans) edged up from 64.4% in 2022 to 65.1% in 2025. Participation is highest among families nearing retirement: about 70% for those aged 45 to 64 and about 66% for those aged 35 to 44. For families under 35, participation in defined contribution and IRA plans rose from about 42% in 2016 to close to 50%.

Across all families, 54.9% hold a retirement account (an IRA, or an employer plan such as a 401(k), 403(b) or TSP), up 0.6 percentage points from 2022. Among families that hold such accounts, the median balance rose 11% to $106,000 and the mean rose 23% to $451,100. Note that these two figures cover only families with an account, not all families.

The balances tell the same story again: the mean rose about twice as fast as the median.

Shares, housing and debt

• Overall stock market participation (direct and indirect holdings combined) fell slightly from 58% to 56%, but among families that hold stock, the median holding rose 36% to $77,400.
• The homeownership rate was about 66%, similar to 2022, and median net housing wealth among homeowners rose from $218,900 to $230,000. The report says the median home value is more than 4.5 times median family income, and housing affordability remains close to historic lows.
• Median net worth for homeowners rose 6% to $458,900, while for renters and other non-owners it fell 7% to $10,600.
• About 77% of families have debt, a share similar to before. The share of families whose debt payments exceed 40% of income rose from 6.5% to 8.6%, the highest since the 2013 survey. The report also says the share of families behind on loan payments rose from about 12% to nearly 20%, the highest since the 2010 survey.

The economic backdrop over the three years was real GDP growth of about 2.5% a year, unemployment rising from 3.7% to 4.2%, and consumer prices rising 3.6% a year on average. The report concludes that most families saw modest increases in income and net worth, but a growing number are under financial strain.

Four money concepts to take from the numbers

The following are general concepts only and are not personal advice.

1. Look at the median, not just the mean. "Average wealth" and "average retirement balance" can be pulled up by a small number of very wealthy families; for a typical case, the median is usually closer.
2. Check the denominator first. The $106,000 is the median balance among families that hold a retirement account, not among all families; the same number can mean something quite different when the comparison group changes.
3. Asset mix shapes the path of net worth. The report attributes the rise for families aged 75 and over to retirement accounts, and the fall for families under 35 to the unwinding of business equity gains; over the same period, holding different assets can produce very different results.
4. Net worth only counts once debt is deducted. A rising ratio of repayments to income and a record share of families behind on payments are reminders that both sides of the balance sheet matter.

These data reflect the United States only (2025 survey, published in October 2026). For personal investment, retirement or tax arrangements, consult a licensed professional.

The next time you see the word "average", it is worth asking which families pulled the average up.

Prices and details correct as of October 2026

This article is general information, not investment, tax or insurance advice. Everyone’s circumstances differ; consult a licensed professional before making decisions.