American household wealth hits record high due to home prices

The net worth of U.S. households and nonprofits went over $100 trillion for the first time in Q1

Despite a rocky ride on the stock market, rising home prices have carried American wealth to new heights in 2018.

In the first quarter of the year, the Federal Reserve pegged the worth of household and nonprofit wealth at $100.77 trillion, a jump from last year’s $99.74 trillion, according to the New York Post.

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Household debt clocked in at an annual increase of 3.3 percent with a spike in the fourth quarter of 2017 attributed to spending on cars damaged in last year’s devastating hurricane season.

According to the Post, household wealth in comparison to disposable income stands at a record high ratio of 682.6 percent. [NYP]Erin Hudson