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US Household Wealth Boosted During Pandemic Recession

(Photo: klik.solutions)

Surprisingly, during the COVID pandemic, millions of Americans experienced a boost in their household wealth, all thanks to the increase in median and mean net worth.

(Photo: University of Illinois at Chicago)

Boost in US Household Wealth During the Pandemic: Why?

A lot of Americans saw an increase in their household wealth during the pandemic-induced recession. You might ask, How is that possible? Well, according to CBS News, the Federal Reserve System said in their recent report that it is all thanks to the rising home and investment values and also the federal stimulus payments during those times.

The net worth of the median US household surged to $192,900 in the years 2019 and 2022, according to the central bank.

The boost in US household wealth is the reason why the economy is robust this year.

READ ALSO: Concerns Over A Hospital Explosion In The Middle East Fuel US Futures Decline And Oil Prices Rise Today

Government Payments Also A Big Help In US Household Wealth Boost During The Pandemic

The US saw a boost in their household wealth thanks to the gains in value of their homes and investments. Even those who rent their homes also saw an increase in their household wealth.

Also a big help in the boost of household wealth during the pandemic are the stimulus checks and unemployment aids, according to Yahoo Finance.

Even the richest households experienced a surge in household wealth. Among the 10% of households, their median wealth reached $3.8 million in 2022.

READ ALSO: Citibank Employee Szabolcs Fekete Fired After Lying About Misclaimed Food Expense

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