Board of Governors of the Federal Reserve System

Household Net Worth

The net worth of households and nonprofit organizations increased by $4.8 trillion to $168.8 trillion in the third quarter. The change in household net worth primarily reflects gains on corporate equity assets. The value of directly and indirectly held equity on the household balance sheet increased by $3.8 trillion in the third quarter, while the value of real estate declined by $0.2 trillion.

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Directly and indirectly held corporate equities ($55.7 trillion) and household real estate ($48.2 trillion) remain the largest components of household net worth.

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Household Balance Sheet Summary

For more data on household net worth, see table B.101

Nonfinancial debt

Household debt grew by 3.0% in the third quarter of 2024, about the same as in the previous two quarters (this and subsequent rates of growth are reported at a seasonally adjusted annual rate). Home mortgage debt expanded by 3.1% and nonmortgage consumer credit grew by 2.5%.

Nonfinancial business debt grew by 3.0% in the third quarter, a slightly slower pace compared to the first half of 2024. Net declines in C&I loans from depository institutions and commercial paper were more than offset by robust net issuance of corporate bonds and solid growth in mortgage loans and other nonmortgage loans from nonbank financial institutions.

Overall, domestic nonfinancial debt grew at an annual rate of 4.8% in the third quarter, up slightly from the previous quarter but still somewhat weaker than the average pace recorded over the previous few years. Federal government debt increased at a 7.4% pace, while state and local government debt expanded at an annual rate of 4.1%.

Total domestic nonfinancial debt outstanding (seasonally adjusted) was $76.3 trillion in the third quarter, of which household debt was $20.4 trillion, nonfinancial business debt was $21.6 trillion, and total government debt was $34.3 trillion. The ratio of nonfinancial debt outstanding to GDP in the third quarter was 260%, about the same as in recent quarters. For more data on nonfinancial debt, see table D.1 (rates of debt growth), table D.2 (borrowing), and table D.3 (debt outstanding).

Debt Growth by Sector

Debt Outstanding by Sector

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Looking at the components of nonfinancial business debt, corporate bonds increased by about $119 billion in the third quarter while mortgage loans increased by $51 billion. Commercial paper outstanding declined by nearly $20 billion and nonmortgage loans at depository institutions declined by about $8 billion. Other nonbank nonmortgage loans rose by $23 billion in the third quarter.

Outstanding nonfinancial corporate debt was $13.8 trillion. Corporate bonds, at roughly $7.7 trillion, accounted for 56% of the total debt. Nonmortgage depository loans were about $1.3 trillion. Other types of debt include loans from nonbank financial institutions, loans from the federal government, industrial revenue bonds, and commercial paper.

The nonfinancial noncorporate business sector consists mostly of smaller businesses, which are typically not incorporated. Nonfinancial noncorporate business debt was $7.7 trillion in the third quarter. Mortgage loans, at roughly $5.6 trillion, accounted for about 72% of the total, while nonmortgage depository loans ($1.7 trillion) accounted for most of the remainder.

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For more data on nonfinancial business balance sheets, including debt, see tables B.103 and B.104.

Coming soon

• Enhanced Financial Accounts Projects will be updated on Friday, December 20, 2024, including the Distributional Financial Accounts, which provide a quarterly estimate of the distribution of U.S. household wealth.
  
• Financial Accounts data for the fourth quarter of 2024 will be published on Thursday, March 13, 2025, at 12:00 noon.

Chart Notes

1. Changes in net worth consist of transactions, revaluations, and other volume changes. Corporate equity and debt securities include directly and indirectly held securities. Real estate is the value of owner-occupied real estate. Other includes equity in noncorporate businesses, consumer durable goods, fixed assets of nonprofit organizations, and all other financial assets apart from corporate equities and debt securities, net of liabilities, as shown on table B.101 Balance Sheet of Households and Nonprofit Organizations.