American Net Worth Highest Since 1945
American Net Worth Highest Since 1945 (Reuters)
The net worth of the average American household rose to its highest level since 1945 in the third quarter of this year, according to the Federal Reserve. That makes the ninth straight quarter of increases, and brings the total net worth of U.S. families to $77.3 trillion. The surge has been powered by appreciating home prices and a continuously rising market. In fact, the value of residential real estate rose some $428 billion from July to September, while equities and mutual funds gained $917 billion during that time. But don’t think this rise in net worth means everyone in the country is benefiting. Actually, only Americans who own their homes or play the market are realizing the increase. And according to Jacob Oubina of RBC Capital Markets in New York, “Americans still have a long way to go to get to full financial health.” So don’t rush out and borrow against your new higher net worth. You remember how quickly circumstances can change.