US Household Net Worth Hits Record $92.8-T
A Federal Reserve report released Thursday showed US household net worth soared to a record $92.8-T in the last Quarter of Y 2016, fueled by an end-of-year surge in stocks and a steady climb in home prices.
The Federal Reserve’s Quarterly financial accounting showed the biggest contributor to the household net worth hike was the stock market, which added $728-B to household balance sheets in the 4th Quarter.
The WS-J noted the stock market rallied by about 8% in the last Quarter after the election of President Donald Trump, and has climbed an additional 6% YTD.
Real Estate gains also contributed to the Q-4 rise, the Federal Reserve report showed. The WS-J reported the value of real estate owned by households and nonprofit organizations climbed by $557-B in the final Quarter, reaching a record $26.5-T.
“The national rise in home prices benefits the majority of Americans who own homes, and rising equities benefit many middle-class households with savings in 401(k) and IRA accounts,” the WS-J correspondent Josh wrote.
Have a terrific weekend.