What Is Household Income and Net Worth
Household income is the total gross money earned by all members of a household, including wages, salaries, investment returns, and government transfers. Net worth is the value of all assets minus all liabilities, capturing what a household actually owns after debts. The Federal Reserve Board publishes the Survey of Consumer Finances, the most authoritative source for these figures. For the latest release covering 2022 data, see the Federal Reserve's official summary at Federal Reserve Survey of Consumer Finances.
Median household income in the United States was about $74,580 in 2022, while the mean was higher at roughly $127,000, reflecting the impact of high-income households. Median net worth stood near $192,900, but the mean net worth was much higher, above $1.06 million, because a small share of households hold a large share of wealth. The U.S. Census Bureau's Current Population Survey provides the official income statistics used for poverty thresholds and policy analysis.
How Income and Net Worth Break Down by Demographics
Income and net worth vary sharply by age, race, education, and household type. The Federal Reserve data shows that the top 10% of families by net worth hold roughly 69% of total family wealth, while the bottom 50% hold about 2%. For detailed breakdowns by age and race, see the Federal Reserve's SCF wealth and equity tables.
Age and Education
Households led by someone aged 65 to 74 have the highest median net worth, often exceeding $400,000, while those under 35 usually have median net worth below $40,000. College graduates typically have median net worth several times higher than those without a degree, and their median income is also substantially higher. The earnings gap widens further when comparing advanced degree holders to those with only a high school diploma.
Race and Ethnicity
Median net worth for White households is roughly eight to ten times higher than for Black and Hispanic households in the same period. These gaps persist even after controlling for income and education, reflecting differences in home equity, inherited wealth, and access to credit. The Census Bureau's income data by race tracks these disparities in earnings as well.
Why Income and Net Worth Matter for the Economy
Household income drives consumer spending, which accounts for about two-thirds of U.S. gross domestic product. When median income grows slowly, middle-class households have less capacity to absorb shocks or invest in education and housing. The Bureau of Economic Analysis releases personal income and outlays data monthly, showing how aggregate income trends translate into spending and saving rates.
Net worth affects borrowing capacity, retirement security, and resilience to job loss or medical emergencies. During the COVID-19 pandemic, federal stimulus payments and asset price gains boosted many households' net worth temporarily, but the gains were unevenly distributed. The Securities and Exchange Commission's market and economic data provides additional context on asset values that shape household balance sheets.