Fed Survey on consumer finances for period between 2016 and 2019

Author: Greg Michalowski | Category: Central Banks

Fed survey on income and net worth from 2016 to 2019


The Federal Reserve is releasing survey results of incoming net worth for families between 2016 and 2019. As such the data is somewhat stale and absent the coronavirus impact.  Nevertheless it shows the trajectory of income, net worth, distribution.

  • Median family income rose 5% between 2016 and 2019 
  • Mean income dropped by 3% suggesting a narrowing of income distribution
  • median net worth grew 18% between 2016 at 2019
  • mean that worth rose by only 2%
  • income gaps between families with college degree and those without one decreased
  • families at the top of the income distribution experienced a sharp decline in average income from 2016 to2019 following outsized gains from 2010 to 2016
  • wealth continues to increase among families with either a high school diploma or some college
  • household without high school diplomas saw the largest drop in net worth
  • homeownership rate increased to 64.9%, reversal of the declining trend between 2004 in 2016
  • black families and white families experience similar growth in median income but mean income fell for white families and rose slightly for black families.
  • Nearly 2/3 of working age families participated in retirement plans in 2019. That's down slightly from 2016. Less than 40% of the families in the bottom half of the, distribution were in a retirement plan compared with more than 80% of upper middle income families
  • less than one third of lower income families in 2019 participating in the stock market compared with about 70% of upper middle income families
  • about 13% of families owned a privately held business which was similar to 2016. Business ownership increases with income and nearly 40% of families in the top decile of the income distribution on the business
  • median income rose 5% from 56,000 to 58,600. The mean income fell 3% from 109,300 to 106,500
  • median income for whites rose from $65,100 to $69,000 between 2016 and 2019. The mean income fell from $131,300  to $122,800.  For Blacks the mean income rose to $40,300 from $37,600. The mean income rose from $57,500-$59,600
The full report can be found here
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