How much wealth does a typical California household actually hold, and how does that change as people move from their thirties into retirement? The honest answer is that the "average" you see in headlines is badly misleading, because a handful of very rich households pull it far above what most families own.
Below are the median and mean household net worth figures by age, the reasons the two numbers diverge so sharply, the outsized role of home equity, and how California stacks up against the national picture. Every figure is linked to its source at the foot of the page. Updated July 2026.
The overall picture: median vs mean
National net worth data comes from the Federal Reserve's Survey of Consumer Finances (SCF), a benchmark study updated every three years. It measures households across the country, so its age patterns apply to Californians even where a state-specific breakdown does not exist.
1. The typical US household is worth about $192,900
In the most recent 2022 SCF, the median net worth of all US families was $192,900. Net worth here means everything a household owns (home, retirement accounts, savings, vehicles) minus everything it owes.1
2. The average is $1,063,700, more than five times the median
The mean net worth of US households was $1,063,700, roughly 5.5 times the median. That median also jumped about 37% between 2019 and 2022 after inflation, the largest three-year increase the survey has recorded, driven heavily by rising home and stock values.2
Net worth by age band
Wealth accumulates over a working life and then draws down in retirement. The pattern below is the single most useful frame for judging where a household stands.
3. Under 35: median $39,000, mean $183,500
Younger households carry student debt and rent rather than own, so the median is modest. The mean is nearly five times higher because a small number of high earners skew it upward.3
4. Ages 35 to 44: median $135,600, mean $549,600
This is the decade net worth typically starts compounding, as home equity builds and retirement contributions accumulate.4
5. Ages 45 to 54: median $247,200, mean $975,800
Peak earning years push the median past a quarter of a million dollars, while the mean approaches $1 million.5
6. Ages 55 to 64: median $364,500, mean $1.57 million
As households approach retirement, mortgages get paid down and investment balances mature, widening the gap between typical and average.6
7. Wealth peaks at 65 to 74, then draws down after 75
Net worth reaches its high point at ages 65 to 74 (median $409,900, mean $1.79 million), then declines for households 75 and older (median $335,600, mean $1.62 million) as retirees spend down savings.7
| Age of head of household | Median net worth | Mean (average) net worth |
|---|---|---|
| Under 35 | $39,000 | $183,500 |
| 35 to 44 | $135,600 | $549,600 |
| 45 to 54 | $247,200 | $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 |
Figures are from the Federal Reserve's 2022 Survey of Consumer Finances, the latest available.
Why the mean is so much higher than the median
8. A thin slice of households owns most of the wealth
Because wealth is highly concentrated at the top, the average is dragged far above what a typical family holds. That is why the mean can be five or six times the median within a single age band. For measuring where an ordinary California household actually sits, the median is the honest benchmark; the mean tells you how much total wealth exists divided across households, not what most people own.8
Homeownership does most of the work
9. Homeowners hold roughly 38 times the net worth of renters
In the 2022 SCF the median net worth of homeowners was $396,200, against just $10,400 for renters, close to a 38-to-1 gap. Home equity is the main engine of middle-class wealth, which matters enormously in a high-priced state like California.9
10. For most families, the home is the single largest asset
Housing wealth accounts for the largest share of net worth for the typical owner, far more than financial accounts. Owners build equity through forced saving on the mortgage and price appreciation, an advantage renters never capture.10
California vs the US average
California distorts the national wealth picture in two directions: incomes and home values are well above average, but so is the cost of buying in, and a majority-renter housing market leaves many households outside the equity engine.
11. California's homeownership rate is about 55.9%, among the lowest in the nation
Roughly 55.9% of occupied California homes are owner-occupied, one of the two lowest rates of any state. Because home equity is the main driver of household net worth, a larger renter share means a larger slice of Californians are locked out of that wealth-building channel.11
12. The typical California home is worth roughly twice the national one
Zillow puts the typical California home value near $775,550 as of mid-2026, and the Census ACS median for owner-occupied homes is about $734,700, versus roughly $332,700 nationally.12 California's Legislative Analyst's Office reports that mid-tier homes run about $775,000, more than double the typical US mid-tier home.13 For owners, that translates into large embedded home equity; for would-be buyers, a steep barrier to entry.
13. California household income runs well above the US median
California's median household income is about $99,122, compared with a national median in the low-to-mid $80,000s. Higher incomes support higher saving and larger mortgages, but they are also partly consumed by the state's elevated housing costs.14
14. The wealth gap is also generational
The Federal Reserve's Distributional Financial Accounts show baby boomers holding roughly 51.7% of all US household wealth, while millennials hold under 10%. That is why the older age bands above look so much richer: much of it is home equity and retirement assets accumulated over decades, precisely the wealth that passes through an estate.15
In California specifically, homeowners have seen large paper gains as values climbed, deepening the divide between those who bought and those still renting.16 Whatever your age band, the wealth you accumulate, especially home equity and retirement accounts, is exactly what a will decides the fate of. If you own property in California and have not put your wishes in writing, our guided will builder walks you through it step by step. For related numbers, see how many Californians have a will.
Sources
- 1Federal Reserve, Changes in U.S. Family Finances from 2019 to 2022 (Survey of Consumer Finances) (federalreserve.gov)
- 2Federal Reserve Bank of St. Louis, The State of U.S. Household Wealth (stlouisfed.org)
- 3Fidelity, Average and median net worth by age (2022 SCF) (fidelity.com)
- 4Kiplinger, Average Net Worth by Age (kiplinger.com)
- 5NerdWallet, Average and Median Net Worth by Age in the U.S. (nerdwallet.com)
- 6Boldin, Average Net Worth by Age (Federal Reserve data) (boldin.com)
- 7Tablewealth, Net Worth by Age: 2022 Federal Reserve Benchmarks (tablewealth.com)
- 8Self, How big is the generational wealth gap in America? (self.inc)
- 9Urban Institute, The Wealth Gap between Homeowners and Renters (urban.org)
- 10NAHB, Differences Between Home Owner and Renter Wealth (nahb.org)
- 11U.S. Census Bureau QuickFacts: California (homeownership rate) (census.gov)
- 12Zillow, California Home Values (zillow.com)
- 13California Legislative Analyst's Office, Housing Affordability Tracker (Q1 2026) (lao.ca.gov)
- 14Data USA, California (median household income, Census ACS) (datausa.io)
- 15Empower, Millennials' wealth (Federal Reserve Distributional Financial Accounts) (empower.com)
- 16CalMatters, California homeowners enjoy large wealth gains (calmatters.org)
About the author
Max Kuch
Max Kuch writes about estate planning, wills and inheritance for California Will Template. He gathers the numbers from official California and US public data, then explains what they mean for anyone thinking about putting their wishes in writing.