The typical Pennsylvania household nearing retirement holds several hundred thousand dollars in net worth, most of it locked inside a paid-down home. Yet the "average" figure you see quoted is more than five times larger than what the middle household actually owns.
This page pulls together the real numbers on household net worth by age, using the Federal Reserve's Survey of Consumer Finances (the core national wealth dataset), the Fed's Distributional Financial Accounts, and US Census Bureau and Zillow figures for Pennsylvania specifically. Every figure is linked to its source at the foot of the page. Updated July 2026. Nationally, the median US household net worth is about $192,700 while the mean is roughly $1,063,700, a gap that shapes everything below.1
Net worth by age band
The Survey of Consumer Finances (SCF) is conducted every three years, and the 2022 wave is the most recent complete release. It reports wealth by the age of the head of household. There is no separate SCF sample for Pennsylvania, so these are national figures, but they are the standard benchmark applied to every state.
| Age of household head | Median net worth | Mean (average) net worth |
|---|---|---|
| Under 35 | $39,000 | $183,000 |
| 35 to 44 | $135,600 | $549,600 |
| 45 to 54 | $246,700 | $975,800 |
| 55 to 64 | $364,500 | $1,566,900 |
| 65 to 74 | $409,900 | $1,794,600 |
| 75 and older | $335,600 | $1,624,100 |
1. Under 35: about $39,000 median net worth
Households headed by someone under 35 hold a median net worth of roughly $39,000, against a mean of about $183,000.2 Student debt, early-career incomes, and little time to accumulate assets all keep the middle figure low.
2. Ages 35 to 44: median jumps to roughly $135,600
By the 35 to 44 band, median net worth climbs to about $135,600, with a mean near $549,600.3 This is typically the decade when a first mortgage starts converting monthly payments into equity.
3. Ages 45 to 54: median near $246,700
The 45 to 54 group reaches a median of about $246,700 and a mean of roughly $975,800.4 The mean is now almost four times the median, a sign that a minority of high-asset households is pulling the average sharply upward.
4. Ages 55 to 64: median around $364,500
Pre-retirement households (55 to 64) hold a median net worth of about $364,500, with a mean of roughly $1,566,900.5 For most families in Pennsylvania, this is the point at which the mortgage is largely paid off and home equity becomes the biggest line on the balance sheet.
5. Ages 65 to 74: the wealth peak, about $409,900
Median net worth peaks in the 65 to 74 band at roughly $409,900, alongside a mean near $1,794,600.6 Decades of saving, retirement accounts, and a fully owned home combine here before drawdown begins.
6. Ages 75 and older: median dips to roughly $335,600
After 75, median net worth eases back to about $335,600, though the mean stays high at roughly $1,624,100.7 Households in this band are spending down assets, and this is the group for whom a clear, valid will matters most.
The mean vs median gap
7. The average is more than five times the median
Across all US households, the 2022 SCF puts mean net worth at about $1,063,700 but median net worth at just $192,700.8 The average is more than five times the middle value. Whenever you read that "the average American is a millionaire," that is the mean talking, not the household in the middle of the distribution.
8. The top 1 percent holds close to a third of all wealth
The Fed's Distributional Financial Accounts show total US household net worth reached about $176.3 trillion in the second quarter of 2025, with the wealthiest 1 percent of households holding on the order of $54.8 trillion of it, close to a third of the national total.9 That concentration at the very top is exactly why the mean overstates a typical Pennsylvania family's position.
Why homeownership drives the numbers
9. Homeowners hold vastly more net worth than renters
The single biggest divide in the data is not age, it is whether a household owns its home. In the 2022 SCF the median net worth of homeowners was about $396,200, versus roughly $10,400 for renters.10 The typical owner holds nearly 38 times the wealth of the typical renter.
10. A primary residence is most families' largest asset
Home equity is the anchor of middle-class wealth, and owners tend to hold more of nearly every other asset type as well, from vehicles and retirement accounts to other real estate.11 For a Pennsylvania household in its 60s, the house is very often the most valuable thing the estate will ever pass on.
11. Home equity drove the largest wealth jump on record
The 2019 to 2022 rise in median net worth was the largest three-year increase in the modern history of the SCF, more than double the next largest, and rising home values were a primary driver.12 That surge in paper wealth is real, but it is illiquid: it only reaches heirs cleanly when the estate is properly documented.
Pennsylvania vs the US average
12. Pennsylvania homeownership runs above the national rate
Because ownership is the main wealth engine, Pennsylvania's high homeownership rate matters. About 69.3 percent of Pennsylvania households own their home.13 That is meaningfully above the US rate of roughly 65.2 percent.14 A larger share of Pennsylvania families is therefore building the kind of home equity that lifts net worth in the later age bands above.
13. Pennsylvania median household income is about $80,060
Pennsylvania's median household income was roughly $80,060 in the 2024 American Community Survey, close to the national middle and a key input to how quickly households can save and pay down a mortgage.15
14. The typical Pennsylvania home is worth close to $290,000
Zillow's home value index put the average Pennsylvania home at about $289,277 in mid-2026, up roughly 2.4 percent year over year.16 Census five-year estimates (2019 to 2023) show the state's median household income at about $76,081 over that window, confirming a home-heavy balance sheet: for many Pennsylvania families, the house is worth several years of income and forms the bulk of what the estate will distribute.17
| Measure | Pennsylvania | United States |
|---|---|---|
| Homeownership rate | 69.3% | 65.2% |
| Median household income | ~$80,060 (2024 ACS) | Near national middle |
| Typical home value | ~$289,277 (Zillow, 2026) | varies by market |
The pattern in the data is consistent: wealth in Pennsylvania is built slowly, concentrated in a home, and peaks in the mid-60s to mid-70s. That is also the point at which most of it is at risk of passing under the state's intestacy rules rather than your own wishes if nothing is written down. If your net worth is now mostly home equity and retirement accounts, putting it in a valid will is the step that decides who actually receives it. You can start a guided draft in a few minutes with our online will builder, and if you want the local context first, see how many Pennsylvanians actually have a will.
Sources
- 1Changes in U.S. Family Finances from 2019 to 2022 (Survey of Consumer Finances) (federalreserve.gov)
- 2Survey of Consumer Finances 1989-2022, net worth by age (data table) (federalreserve.gov)
- 3Average and Median Net Worth by Age in the U.S. (nerdwallet.com)
- 4Average and median net worth by age (fidelity.com)
- 5Survey of Consumer Finances 1989-2022, net worth by age (data table) (federalreserve.gov)
- 6Average and Median Net Worth by Age in the U.S. (nerdwallet.com)
- 7Average and median net worth by age (fidelity.com)
- 8Changes in U.S. Family Finances from 2019 to 2022 (Survey of Consumer Finances) (federalreserve.gov)
- 9Distribution of Household Wealth in the U.S. since 1989 (Distributional Financial Accounts) (federalreserve.gov)
- 10Differences Between Home Owner and Renter Wealth (nahb.org)
- 11Homeowners Own More Assets, Have Higher Net Worth (parealtors.org)
- 12Changes in U.S. Family Finances from 2019 to 2022 (Survey of Consumer Finances) (federalreserve.gov)
- 13What is the homeownership rate in Pennsylvania? (usafacts.org)
- 14U.S. Census Bureau QuickFacts: Pennsylvania (census.gov)
- 15Median Household Income in Pennsylvania (FRED) (fred.stlouisfed.org)
- 16Pennsylvania Housing Market: Home Values (Zillow Home Value Index) (zillow.com)
- 17Pennsylvania State Data Center: 2019-2023 ACS Research Brief (pasdc.hbg.psu.edu)
About the author
Max Kuch
Max Kuch writes about estate planning, wills and inheritance for Pennsylvania Will Template. He gathers the numbers from official Pennsylvania and US public data, then explains what they mean for anyone thinking about putting their wishes in writing.