Key facts
- Most US households saw income and wealth gains between 2022 and 2025, but debt stress increased for a growing share.
- The percentage of families with debt payment-to-income ratios of 40% or more rose to 8.6% from 6.5%.
- Median family income adjusted for inflation increased 7% to $82,200.
- Real median net worth rose 2% to $215,900.
- Net worth for Black families and those in the bottom wealth quartile declined.
- Participation in the stock market dropped slightly to 56% in 2025 from 58% in 2022.
The Federal Reserve's latest triennial survey of consumer finances, conducted from April through December 2025, revealed a mixed financial picture for U.S. households between 2022 and 2025. While most families experienced moderate increases in income and net worth, an increasing subset faced financial stress due to rising debt amid elevated inflation and a tight labor market that gradually gave way to a small rise in unemployment.
The survey of 4,367 households showed that median family income, adjusted for inflation, rose 7% to $82,200. Households at the lower end of the income distribution saw the largest gains, consistent with conditions in the post-pandemic era where employers offered higher pay and bonuses to attract workers. Real median net worth also increased by 2% to $215,900, with most families across income and wealth distributions experiencing gains.
However, the share of families with debt payment-to-income ratios of 40% or more climbed from 6.5% to 8.6%, a level not seen since 2013. This increase in financial stress occurred despite a stable homeownership rate of about 66%. Participation in the stock market saw a slight decrease, falling from 58% in 2022 to 56% in 2025.
Furthermore, the survey highlighted disparities in wealth gains. While overall wealth increased broadly, net worth for Black families and those in the bottom quartile of wealth declined. Families in the bottom quartile of wealth saw their net worth drop from $3,800 to $1,700. Black non-Hispanic families experienced a significant 25% decline in median net worth, reversing a trend of gains seen since 2013, even as their average net worth rose about 5%.