Household net worth increases as rally in financial markets outweighs continued cooling in housing market
Households were wealthier in the fourth quarter as their net worth—the value of all assets minus all liabilities—increased $289.8 billion (+1.8%) to $16,419.9 billion. This increase was driven by strength in financial markets as both bonds and equities rallied after losing ground in the prior quarter. This pushed financial assets higher by nearly half a trillion dollars to a new record high of $9,741.3 billion, surpassing the previous record set in the fourth quarter of 2021. In the fourth quarter of 2023, this gain in financial assets was partially offset by a $157.8 billion decline in the value of residential real estate, the second consecutive quarterly decrease.
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