Federal Reserve Publishes 2025 Consumer Finance Survey Findings

The Federal Reserve Board announced on Friday that it has released the results of the 2025 Survey of Consumer Finances, a triennial study that tracks the economic condition of U.S. households.

According to the Board, the survey provides a representative picture of what Americans own, how they borrow, and how they bank, extending a time series that began in 1989.

Income and Wealth Trends

The Board reported that real median family income rose modestly between the 2022 and 2025 surveys, while real mean family income fell. It noted that families at the lower end of the income and net‑worth distributions saw modest increases, whereas families at the upper end experienced declines.

In terms of net worth, the Board said real median net worth increased slightly and real mean net worth grew more substantially over the same period. Most families across the income and net‑worth spectrum recorded gains in both median and mean wealth.

Housing, Retirement and Investment

The Federal Reserve Board indicated that the homeownership rate remained roughly unchanged at two‑thirds of families. For homeowners, the median net housing value rose from the previous survey.

Retirement‑plan participation was reported to be around two‑thirds of families, with both mean and median balances increasing for those with account‑type plans.

The Board noted a slight decline in the share of families participating in the stock market, though median stock holdings grew significantly among those who did hold equities.

Debt and Financial Vulnerability

The Federal Reserve Board said the proportion of families carrying any type of debt stayed stable, with median and mean debt levels unchanged since the prior survey.

However, the Board highlighted an increase in the share of families whose debt‑to‑income ratios exceed 40 percent, reaching a level not seen since the 2013 survey.

Access to Data

• The Board released a summary report titled “Changes in U.S. Family Finances from 2022 to 2025.”
• An interactive chartbook and additional data sets are available to researchers and the public through the Board’s website.