Income and Wealth Growth

Median income in the US rose by 3% from $67,900 in 2018 to $70,300 in 2021. However, the average income increased by an impressive 15%. The growth in income was primarily seen in households with college degrees, while those without degrees experienced little to no growth. Net worth also saw significant increases, with median net worth surging 37% to $192,900 and the mean net worth increasing 23% to $1,063,700. Home ownership played a crucial role in wealth accumulation, as homeowners had more than double the net worth of renters. Additionally, financial assets such as retirement accounts and stocks also experienced growth, with direct ownership of stocks seeing a notable increase from 15% to 21% between 2019 and 2022.