US Household Net Worth at Record Highs
#income #stock #home #Fed
US household net worth rose in Q-1 of the yr to a record high, driven by further gains in stock prices and home values.
Household net worth increased by $5-T, or 3.8%, to $136.9-T in the frame, a Fed report out Thursday reviled. The gain included a $3.2-T gain in the value of stocks and a more than $968-B improvement in real estate held by households.
The data underscore how fiscal efforts to speed up the economic recovery paired with accommodative monetary policy helped protect the wealth of millions of Americans. .
The Fed has kept borrowing costs near Zero. That’s led to record-low mortgage rates, which have bolstered demand for homes. The median selling price for previously owned homes is at a record high.
Net savings grew at an annualized pace of $571.7-B in Q-1 after a $702-B rise at the end of Y 2020. Elevated savings have been a Key driver of the snapback in consumer spending seen in recent months and will likely continue to bolster consumption in the months ahead
Consumer credit not including mortgage debt rose by about $31-B in the frame.
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