Analysis
The survey describes a stretch of moderate growth and elevated inflation in which most families gained ground on paper, but gains were uneven. Income grew most at the lower and middle of the distribution, while wealth growth was concentrated among higher-income and older families. At the same time, higher interest rates raised the cost of carrying debt, and a larger share of families reported falling behind on payments.
What the survey is
The Survey of Consumer Finances (SCF) is a study the Federal Reserve Board has sponsored every three years in its modern form since 1989. It asks a representative sample of U.S. families about their income, assets, debts and borrowing experiences. The 2025 survey interviewed 4,367 families, and the 2022 survey interviewed 4,602. The Board's research staff compares the two in a report titled "Changes in U.S. Family Finances from 2022 to 2025," released October 9, 2026. [1][2]
The survey is conducted for the Board by NORC, a social science research organization at the University of Chicago, and draws participants at random from 119 geographic areas. [1]
All dollar amounts in the report are adjusted to 2025 dollars, so changes reflect real purchasing power rather than price increases alone. A median is the middle family when all families are lined up from lowest to highest; a mean is the average, which is pulled up by a small number of very high values. Income in the survey is for the calendar year before the survey, so the 2025 figures describe 2024 income. [2]
Income and net worth
Real median family income rose 7% between the 2022 and 2025 surveys, from $76,900 to $82,200, while real mean income fell 6%, from $155,300 to $145,200. The Fed said families in the lower ends of the income and net worth distributions saw modest increases, while those at the upper end saw declines. Its report says this indicates income inequality decreased slightly. The fall in mean income was driven by families at the top; excluding the top 1% of earners, mean income declined only 1%. [1][2]
Net worth is what a family owns minus what it owes. Real median net worth rose 2% to $215,900 and real mean net worth rose 7% to about $1.24 million. The Fed noted that growth was slower than in the 2019-to-2022 period and that wealth inequality appeared little changed. [1][2]
Gains were uneven. Median net worth for families in the top tenth of usual income rose 31%, to $3.67 million, while it fell 6% for the lowest fifth. Families younger than 35 saw median net worth fall 23% to $33,000, which the Fed attributed mainly to the unwinding of business equity gains made between 2019 and 2022; families older than 75 saw a 37% rise. Median net worth fell 25% for Black non-Hispanic families and 55% for families without a high school diploma. For the bottom quarter of families by net worth, median net worth fell from $3,800 to $1,700. [2]
Other asset measures were mixed. The homeownership rate was about 66%, unchanged from 2022, and median net housing value for homeowners rose from $218,900 to $230,000. Stock market participation, direct or indirect, slipped from 58% to 56%, although among families holding stock the median holding grew 36%, from $56,900 to $77,400. Retirement plan participation was up slightly to around 65%. [1][2]
Debt and signs of strain
The share of families with any debt was stable at about 77%, and median and mean debt were unchanged. Beneath that, the mix and cost shifted. The Fed's report notes that the average 30-year fixed mortgage rate rose from 4.2% to 6.7% between the survey years, the average new-vehicle loan rate from 4.9% to 7.7%, and the average credit card rate from 14.6% to 21.4%. [2]
Among families with credit card balances (about 45% of families), the median balance rose $150 to $3,100 and the mean rose $1,300 to $8,000. The share of families with student debt fell about 2 percentage points to 20%, with median balances down to $25,600. About 12% of families reported a balance on a plan, up from 7% in 2022; the median balance among them was $400. [2]
The Fed's measures of debt burden diverged. Debt relative to assets fell, because asset values rose, but debt payments relative to income rose. The share of families whose debt payments exceed 40% of their income increased from 6.5% to 8.6%. The Fed's press release describes this as a level last seen in the 2013 survey, while the report text calls it the largest share since 2010. [1][2]
The share of families that reported being late on loan payments in the preceding year rose from 12.2% to 19.6%, and the share 60 days late or more rose from 4.9% to 8.2%. [2]
Key figures
Figures are in 2025 dollars unless noted. Source: Federal Reserve Board, 2025 Survey of Consumer Finances report. [2]
| Measure | 2022 survey | 2025 survey |
|---|---|---|
| Median family income (prior calendar year) | $76,900 | $82,200 (+7%) [2] |
| Mean family income | $155,300 | $145,200 (-6%) [2] |
| Median net worth | $211,100 | $215,900 (+2%) [2] |
| Mean net worth | $1,164,100 | $1,241,500 (+7%) [2] |
| Families with any debt | about 77% | about 77% [2] |
| Median debt payment-to-income ratio, debtors | 13.4% | 15.4% [2] |
| Families with debt payments above 40% of income | 6.5% | 8.6% [2] |
| Families behind on loan payments | 12.2% | 19.6% [2] |
| Families 60 days or more late | 4.9% | 8.2% [2] |
What remains uncertain
The SCF is a sample survey, so each figure carries a margin of error; for example, the Fed reports a standard error of $6,400 on 2025 median net worth, and the 2% rise is small relative to that. The survey measures families at a point in time and cannot show how individual families changed. Late-payment shares come from self-reports by families with debt. The Fed's own materials describe the 40% payment-burden level differently (last seen in 2013 versus largest since 2010). Causes the Fed suggests, such as higher interest rates, are interpretations rather than tested findings.