- Americans 75 and older gained 37% in median net worth after inflation from 2022 to 2025, while households younger than 35 fell 23%, a Federal Reserve study found.
- Median net worth rose just 2% to $216,900 while the mean climbed 7% to $1.24M, a gap that signals top-weighted gains, with renters and young families losing ground.
- Rising total household wealth does not mean healthier typical consumers, so investors in housing, retail and other sectors should test demand forecasts against who is actually gaining.
A new Federal Reserve study shows the U.S. wealth gap widening in ways that matter for property demand, according to GlobeSt.
Between 2022 and 2025, the inflation-adjusted median net worth of Americans 75 and older climbed 37%, while households under 35 saw theirs drop 23%.
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Median vs. Mean
Across all households, median net worth grew 2% to $216,900. The mean, or average, grew 7% to $1.24M.
Because a handful of large fortunes pull up the average, faster growth there than at the midpoint suggests gains skewed toward the top. GlobeSt noted the same pattern appeared in earlier Fed surveys, including those for 2013 and 2016, and warned against reading the headline gains as a broad improvement in consumers’ finances.
A Generational Split
The youngest group’s mean net worth also sank 33%, ending 2025 at $135,400 after starting from $200,800 in 2022.
The result is not a clean old-versus-young story. Median wealth slid 4% among 65-to-74-year-olds and 6% among 45-to-54-year-olds, but grew 3% for 55-to-64 and 5% for 35-to-44.
Averages and medians can also diverge inside one group. For the 45-to-54 bracket, mean net worth jumped 17%, reaching $1,244,500, even as the median fell.
Why Existing Wealth Pulled Ahead
GlobeSt reported that the split traces partly to existing holdings. Seniors with homes and stocks rode asset appreciation, and wealthier households simply had more assets exposed to those gains.
The Fed report, as summarized by GlobeSt, said wealth changes largely reinforced existing inequality tied to family characteristics. Median wealth fell for young families, for renters and for families lacking a high school diploma, while top-income and older households posted some of the biggest gains.
NYU economist Edward Wolff told The Wall Street Journal, as cited by GlobeSt, that the textbook idea of seniors spending down their savings has flipped.
Why It Matters
Everything from housing and retail to healthcare, schools and office users leans on household finances in different ways, GlobeSt noted. A thesis that assumes broad consumer strength has to ask who is gaining.
GlobeSt’s core question is which customers have the means to support demand. The renter pool shows the split. As millionaire renters grow in number while younger renters lose ground, demand is separating into very different segments.
What’s Next
GlobeSt cautioned that the data do not show where spending or property demand is headed. They do offer a reason to stress-test projections.
A building that serves affluent seniors stands on different ground than one that relies on younger tenants whose wealth has shrunk. Underwriting should reflect which customer base a building actually serves.
GlobeSt framed the lesson as one about averages. Total household wealth can climb without the typical household improving, so an investment case built on stronger consumer finances needs to name the group that is actually gaining.
