Here’s why Americans are $2.19T richer
The U.S. economic boom is padding Americans’ pockets, with household and nonprofit net worth rising by $2.19 trillion in the second quarter, according to the Federal Reserve.
The increase was driven by gains in the stock market, as well as appreciating home values – which took Americans’ total net worth up to $106.93 trillion.
While net worth increased, households’ debt grew by 2.9 percent, and state and local government debt fell by 0.4 percent. Debt held by the federal government, however, jumped by 6.9 percent according to MarketWatch.
Americans who are invested in the equity markets should be doing well. The Dow Jones Industrial Average returned to a record on Thursday, while the S&P 500 also set a new high. The Nasdaq was hovering near its high-water mark.
As of August, the median sales price for a home was up 6.5 percent from a year ago, according to Zillow.