Fed Survey: Americans 75 and Older Are Now the Wealthiest Age Group, While Young Families Lost Ground

The Federal Reserve's most detailed look at household finances shows a widening gap between older and younger Americans.

Every three years, the Federal Reserve asks thousands of families detailed questions about their income, savings, debts and investments. The results of the latest round, the 2025 Survey of Consumer Finances, came out on Friday, Oct. 9, and they show that the typical American family got a little richer between 2022 and 2025, but the gains were far from even.

The survey is one of the best sources of information about how ordinary households are doing, because it looks at the whole balance sheet, not just paychecks. All figures below are adjusted for inflation.

The big picture

The typical family's net worth, which is everything you own minus everything you owe, rose 2% to $215,900, the Fed said. Average net worth rose 7% to $1.24 million, but that figure is pulled up by the very wealthiest households, so the median, or middle, number is a better guide for most people.

Income moved in an interesting direction. The median family income rose 7% to $82,200, while average income fell 6% to $145,200. The Fed said families at the lower end of the income and wealth ladder saw modest income gains, while those at the top saw declines.

The homeownership rate held steady at about 66%. For homeowners, the median value of their home minus what they owe on it rose to $230,000 from $218,900.

Older Americans pulled ahead

The age breakdown is where the survey gets striking. Families headed by someone 75 or older now have the highest median net worth of any age group, at $504,000, CBS News reported. That group, about 18 million households, also had the biggest increase in median wealth. Families headed by someone aged 65 to 74 saw their wealth rise 37%.

Young families went the other way. The median net worth of families headed by someone under 35 fell 23% to $33,000, according to CBS News. For many families, a home is the biggest asset, so households that haven't been able to buy yet often have much less wealth on paper.

Signs of debt stress

The survey also found warning signs. About 77% of families had some type of debt, roughly the same as in 2022. But the share of families spending more than 40% of their income on debt payments rose to 8.6% from 6.5%, the highest level since the 2013 survey. Nearly one in five families had fallen behind on debt payments by the end of 2025, a level not seen since the 2010 survey, Quartz reported.

Fewer families owned stocks, too. The share of families with stock holdings, directly or through funds and retirement accounts, slipped to 56% from 58%. But among families that did own stocks, the median value of their holdings jumped 36% to $77,400.

What this means for your wallet

The survey shows how much time and compounding matter. Older households have had decades for homes and investments to grow, while many younger families are starting out in an expensive economy. If you're early in your career, small, steady steps, like contributing to a retirement plan, especially if your employer offers a match, can make a big difference over time.

It's also a good time to check your own numbers. Adding up what you own and what you owe doesn't take long, and our guide to calculating your net worth walks you through it. If your debt payments are creeping toward 40% of your income, consider focusing extra money on high-interest balances before taking on new loans.

This article is for education only and is not financial advice. Everyone's situation is different.