Wealth of Younger Americans Is Historically High (Brendan Duke & Christian E. Weller, 4/24/24, Cap20)
Recent homebuyers move into their new condo.Recent homebuyers move into their new condo in Oceanside, New York, on May 4, 2023. (Getty/Newsday RM/Thomas A. Ferrara)
The data increasingly show that younger Americans are the winners of the strong economic recovery coming out of the pandemic, experiencing low unemployment rates and rapid wage growth. These labor market gains have also helped drive historic wealth growth for younger Americans.New Center for American Progress analysis confirms this is also true of wealth: Recent Federal Reserve data show that the average wealth of households under 40 was $259,000 in the fourth quarter (Q4) of 2023, marking a 49 percent increase since the fourth quarter of 2019, even after adjusting for inflation. Importantly, these data likely reflect broad-based wealth growth among young people, as opposed to a small group of wealthy young people driving these gains.
No one has it harder than their father did.