Fed releases 2025 Survey of Consumer Finances results

• Real median family income rose 7% to $82,200.
• Real mean family income fell 6% to $145,200.
• Real median net worth rose 2% to $215,900; real mean net worth rose 7% to $1.24 million.
• The share of families with debt-payment-to-income ratios above 40% rose to 8.6%.

Action

The Federal Reserve Board released the results of the 2025 Survey of Consumer Finances on Friday at 10:00 a.m. EDT.

Fed releases 2025 Survey of Consumer Finances results

It also issued its summary report, Changes in U.S. Family Finances from 2022 to 2025, which looks at income, net worth, assets, debt and financial vulnerability.

Respondents

The survey covers what Americans own, how and how much they borrow, and how they bank.

NORC, a social science research organization at the University of Chicago, conducts the survey for the Board.

Participants are chosen at random from 119 geographic areas across the United States, including metropolitan areas and rural counties.

Effective

The Board said the current version of the survey has been undertaken every three years since 1989.

Penalty

No penalty was announced.

Key findings

• Real median family income rose 7% between the 2022 and 2025 surveys to $82,200.
• Real mean family income fell 6% to $145,200.
• Real median net worth rose 2% to $215,900, while real mean net worth rose 7% to $1.24 million.
• The homeownership rate was 66% in 2025, about unchanged from 2022.
• For families that owned a home, median net housing value rose to $230,000 from $218,900.
• Retirement plan participation was around 65%, slightly above 2022.
• Participation in the stock market fell to 56% from 58%.
• Conditional on holding stock, median stock holdings rose 36% to $77,400.
• The fraction of families with any type of debt remained about stable at 77%.
• The share with debt payment-to-income ratios above 40% rose from 6.5% to 8.6%, a level last seen in the 2013 survey.