Economic Well-being of Households in 2024-Federal Reserve

Home ownership rises as
incomes rise.

The Federal Reserve regularly analyzes and reviews the state of the U.S. economy. If you're not familiar, the Federal Reserve’s mission is to promote economic well-being and stability so they are a source of economic data. Understanding what people are experiencing economically to make decisions is an important part of that mission.

Below are some highlights from a recent report. Overall, the findings suggest that, from the perspective of the average household, the economy is doing reasonably well. However, it's important to remember that no single report captures every aspect of the economy or how people feel about it. Each report has limitations based on what it’s designed to measure. This give s a broad overview.

Household Economic Wellbeing Federal Reserve May 2025

Price of household essentials like
food still a concern.

Key Findings: I pulled a full but there are more. 

• 73% of Americans say they are doing okay financially or living comfortably.

• 29% of respondents rate the economy as "good" or "excellent," an increase from the previous year.

• 60% report that rising prices are causing financial strain.

• The median rent is $1,200 and continues to rise.

• 22% of people earn income through gig work or by selling goods and services.

• 41% of workers say they work from home at least some of the time.

• 10% have variable or unpredictable work schedules.

• 39% report annual incomes over $100,000.

• 32% said their income increased over the past year.

• 19% said their spending exceeded their income, while 30% said the two were about equal.

• 7% reported not having enough to eat at least some of the time.

• 85% have some type of retirement savings plan.

Again, while these findings provide a snapshot of current economic conditions, they don't tell the whole story. Broader context and additional data sources are needed to understand the full picture.