The family home is still the single most valuable asset owned by the average American household. The primary residence accounted for 26 percent of the value of all household assets, according to the 2019 Survey of Consumer Finances. In second place is business equity, accounting for 19 percent. Retirement accounts are in third place (15 percent).
Distribution of the value of household assets, 2019
Primary residence: 26.1%
Business equity: 19.5%
Retirement accounts: 15.1%
Pooled investment funds: 9.0%
Other residential property: 6.2%
Stocks: 6.1%
Transaction accounts: 4.8%
Nonresidential property: 3.0%
Vehicles: 2.7%
Other: 7.5%
Between 1989 and 2019, retirement accounts more than doubled as a share of total household assets—rising from 7 to 15 percent. Similarly, pooled investment funds (mutual funds) also grew in importance, climbing from just 2 percent of the total in 1989 to the 9 percent of 2019. The value of the family home, in contrast, fell during those years. The primary residence accounted for 31 percent of total household assets in 1989 and 26 percent in 2019.
Source: Demo Memo analysis of the Federal Reserve Board's Survey of Consumer Finances
No comments:
Post a Comment