Accessible Version
Winners and losers from recent asset price changes, Accessible Data
Figure 1
| Year | Fed Funds | 5-year Treasury | 10-Year Treasury | PCE Price index | House Price index | Equity index |
|---|---|---|---|---|---|---|
| 2021 | 0 | -0.32 | -0.4 | 0.016593886 | 0.083333333 | 0 |
| 2021 | 0 | -0.22 | -0.3 | 0.028720627 | 0.110216718 | 0.020718388 |
| 2022 | 0 | 0.12 | 0.1 | 0.041558442 | 0.14762634 | -0.043458044 |
| 2022 | 0.7 | 1 | 1 | 0.055124892 | 0.177932707 | -0.139211319 |
| 2022 | 2.1 | 1.48 | 1.2 | 0.059982862 | 0.166916842 | -0.174545216 |
| 2022 | 3.6 | 2.32 | 1.9 | 0.064791134 | 0.150208209 | -0.212332468 |
| 2023 | 4.7 | 2.32 | 1.8 | 0.069550466 | 0.129384026 | -0.205324057 |
| 2023 | 4.9 | 2.44 | 1.9 | 0.07257384 | 0.108352804 | -0.196092774 |
| 2023 | 4.9 | 2.4 | 1.9 | 0.075566751 | 0.088013897 | -0.186359279 |
| 2023 | 4.4 | 2.22 | 1.8 | 0.078529657 | 0.068331898 | -0.176507934 |
| 2024 | 3.8 | 2.04 | 1.7 | 0.079800499 | 0.049544419 | -0.167559144 |
| 2024 | 3.1 | 1.78 | 1.5 | 0.080165289 | 0.032185206 | -0.159746659 |
| 2024 | 2.7 | 1.68 | 1.5 | 0.081414474 | 0.016806723 | -0.153316677 |
| 2024 | 2.1 | 1.54 | 1.4 | 0.081833061 | 0.00277855 | -0.147673515 |
| 2025 | 1.9 | 1.4 | 1.3 | 0.081366965 | -0.009374138 | -0.143258405 |
| 2025 | 1.5 | 1.36 | 1.3 | 0.081781377 | -0.019699042 | -0.139243089 |
| 2025 | 1.5 | 1.24 | 1.2 | 0.082125604 | -0.027966332 | -0.136059817 |
| 2025 | 1.2 | 1.12 | 1.1 | 0.082532051 | -0.034752155 | -0.132864772 |
| 2026 | 1 | 1.1 | 1.1 | 0.082071713 | -0.039561615 | -0.130301179 |
| 2026 | 1 | 1 | 1 | 0.082474227 | -0.043224609 | -0.128158536 |
| 2026 | 1 | 0.98 | 1 | 0.082018927 | -0.045514338 | -0.126010614 |
| 2026 | 1 | 0.88 | 0.9 | 0.082417582 | -0.046202036 | -0.123857401 |
| 2027 | 0.8 | 0.88 | 0.9 | 0.081967213 | -0.045831176 | -0.121698882 |
| 2027 | 0.8 | 0.78 | 0.8 | 0.082362082 | -0.044427324 | -0.119968666 |
| 2027 | 0.8 | 0.76 | 0.8 | 0.081916538 | -0.042282221 | -0.118235041 |
| 2027 | 0.5 | 0.74 | 0.8 | 0.081475788 | -0.03940389 | -0.116498001 |
| 2028 | 0.5 | 0.66 | 0.7 | 0.081039755 | -0.035821643 | -0.115411015 |
| 2028 | 0.5 | 0.66 | 0.7 | 0.081430746 | -0.032282096 | -0.114322692 |
| 2028 | 0.4 | 0.56 | 0.6 | 0.080999243 | -0.028064993 | -0.11323303 |
| 2028 | 0.4 | 0.56 | 0.6 | 0.080572289 | -0.024152232 | -0.112360657 |
| 2029 | 0.4 | 0.54 | 0.6 | 0.080149813 | -0.019825919 | -0.111487426 |
| 2029 | 0.1 | 0.44 | 0.5 | 0.080536913 | -0.015812171 | -0.110613336 |
| 2029 | 0.1 | 0.44 | 0.5 | 0.080118694 | -0.012105388 | -0.11039476 |
| 2029 | 0.1 | 0.42 | 0.5 | 0.079704797 | -0.008464613 | -0.11017613 |
| 2030 | 0.2 | 0.32 | 0.4 | 0.080029369 | -0.005357559 | -0.109957446 |
| 2030 | 0.1 | 0.32 | 0.4 | 0.079620161 | -0.002538071 | -0.109519971 |
| 2030 | 0.1 | 0.32 | 0.4 | 0.08 | -0.000228519 | -0.10930118 |
| 2030 | 0.1 | 0.3 | 0.4 | 0.07959479 | 0.001357773 | -0.109082335 |
| 2031 | 0.1 | 0.3 | 0.4 | 0.079913607 | 0.002689377 | -0.108863437 |
| 2031 | 0 | 0.22 | 0.3 | 0.079512894 | 0.003328895 | -0.108644484 |
| 2031 | 0 | 0.22 | 0.3 | 0.07911618 | 0.003516484 | -0.108644484 |
| 2031 | 0 | 0.2 | 0.3 | 0.079432624 | 0.003264418 | -0.108644484 |
Note: Changes in the CBO projections from July 2021 to February 2023. Interest rate changes are in percentage points, index changes in percent. Panels are all nominal.
Source: CBO and author calculations.
Figure 2.
| Cohort | Age | Housing Stock | Equities Stock | Housing Transactions | Equities Transactions |
|---|---|---|---|---|---|
| 1930-1939 | 60 | $125,736.37 | $233,501.28 | -$3,796.24 | -$5,027.80 |
| 1930-1939 | 63 | $152,719.11 | $328,652.00 | -$2,259.05 | -$5,023.39 |
| 1930-1939 | 66 | $180,817.41 | $346,607.97 | -$20,716.92 | -$10,269.32 |
| 1930-1939 | 69 | $206,613.43 | $338,730.95 | $850.23 | -$18,505.73 |
| 1930-1939 | 72 | $273,405.84 | $417,731.61 | -$2,426.02 | $259.13 |
| 1930-1939 | 75 | $212,200.50 | $328,004.98 | -$11,118.70 | -$30,867.85 |
| 1930-1939 | 78 | $187,633.85 | $311,816.29 | $5,210.44 | $21,382.69 |
| 1940-1949 | 50 | $132,632.45 | $218,910.10 | -$191.74 | $4,178.62 |
| 1940-1949 | 53 | $149,539.97 | $299,270.38 | -$1,969.69 | -$4,852.16 |
| 1940-1949 | 56 | $201,688.60 | $372,045.09 | $2,979.27 | $6,942.66 |
| 1940-1949 | 59 | $281,137.37 | $397,716.90 | -$10,098.49 | -$3,310.31 |
| 1940-1949 | 62 | $298,552.85 | $541,238.50 | -$3,203.62 | -$19,054.19 |
| 1940-1949 | 65 | $249,877.81 | $383,046.11 | -$3,251.50 | $7,396.53 |
| 1940-1949 | 68 | $233,084.87 | $440,952.75 | -$12,181.58 | -$4,066.50 |
| 1940-1949 | 71 | $233,076.45 | $494,254.53 | -$6,230.04 | -$26,143.33 |
| 1950-1959 | 40 | $96,055.64 | $96,762.91 | $986.22 | $7,153.14 |
| 1950-1959 | 43 | $122,099.41 | $187,618.81 | $2,579.65 | $1,269.08 |
| 1950-1959 | 46 | $154,647.44 | $226,189.46 | $5,264.62 | $6,313.88 |
| 1950-1959 | 49 | $227,351.13 | $278,648.75 | $2,658.72 | $9,699.14 |
| 1950-1959 | 52 | $273,978.14 | $382,521.80 | -$126.14 | $4,061.21 |
| 1950-1959 | 55 | $233,655.66 | $329,155.41 | -$6,465.55 | -$4,206.09 |
| 1950-1959 | 58 | $213,444.65 | $374,201.07 | -$4,078.32 | $18,441.80 |
| 1950-1959 | 61 | $237,003.34 | $529,853.92 | -$11,283.20 | -$15,832.36 |
| 1960-1969 | 30 | $53,778.89 | $33,624.59 | $6,679.78 | $7,992.60 |
| 1960-1969 | 33 | $79,970.18 | $79,799.23 | $4,223.32 | $3,790.75 |
| 1960-1969 | 36 | $113,393.57 | $114,455.83 | $8,376.51 | $6,543.77 |
| 1960-1969 | 39 | $178,179.85 | $161,456.18 | $2,117.66 | $1,465.13 |
| 1960-1969 | 42 | $215,437.90 | $208,469.55 | $3,733.09 | $7,386.29 |
| 1960-1969 | 45 | $186,785.13 | $214,835.56 | -$1,775.44 | $9,864.80 |
| 1960-1969 | 48 | $175,568.26 | $274,725.41 | $11.94 | $3,858.42 |
| 1960-1969 | 51 | $213,845.68 | $416,127.41 | $6,282.50 | $25,079.53 |
| 1970-1979 | 26 | $54,581.69 | $39,353.92 | $9,000.53 | -$49.61 |
| 1970-1979 | 29 | $95,256.73 | $46,919.32 | $14,171.82 | $6,037.68 |
| 1970-1979 | 32 | $136,884.64 | $83,388.44 | -$555.33 | -$319.41 |
| 1970-1979 | 35 | $112,192.93 | $77,621.53 | $10,472.75 | $17,989.39 |
| 1970-1979 | 38 | $135,112.48 | $165,983.75 | -$1,274.77 | -$5,639.52 |
| 1970-1979 | 41 | $161,920.92 | $174,817.85 | $8,907.21 | $32,784.96 |
| 1980-1989 | 25 | $49,495.82 | $28,332.43 | $8,079.58 | $3,339.60 |
| 1980-1989 | 28 | $61,691.90 | $40,760.17 | $7,860.80 | $3,167.65 |
| 1980-1989 | 31 | $86,352.20 | $52,909.01 | $13,335.67 | $8,867.78 |
Note: Asset holdings and transactions, estimated in the Survey of Consumer Finances. Units are in constant January 2023 US dollars. Each dot corresponds to a particular cohort in a particular survey. Lines are polynomials in age and cohort.
Source: SCF and author calculations
Figure 3.
| Age | Welfare Change by Age ($ per capita) CBO July 2021 to February 2023 | Wealth Change by Age ($ per capita) CBO July 2021 to February 2023 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| All | Housing | Equities | Fixed Income | Mortgages | Consumer Credit | All | Housing | Equities | Fixed Income | Mortgages | Consumer Credit | |
| 25 | $26,475.55 | $6,200.28 | $25,200.39 | $992.53 | -$4,430.45 | -$1,487.20 | $1,656.70 | $4,656.53 | -$5,431.71 | -$619.07 | $1,936.19 | $1,114.75 |
| 26 | $29,318.98 | $6,051.24 | $27,607.95 | $1,218.82 | -$4,099.67 | -$1,459.35 | $2,739.01 | $5,122.43 | -$5,202.07 | -$527.05 | $2,193.01 | $1,152.70 |
| 27 | $31,900.94 | $5,880.11 | $29,773.53 | $1,444.02 | -$3,763.66 | -$1,433.07 | $3,456.42 | $5,614.63 | -$5,320.85 | -$464.19 | $2,436.98 | $1,189.85 |
| 28 | $34,229.81 | $5,688.31 | $31,705.23 | $1,667.55 | -$3,423.01 | -$1,408.26 | $3,825.33 | $6,131.41 | -$5,771.43 | -$429.22 | $2,668.38 | $1,226.19 |
| 29 | $36,313.97 | $5,477.21 | $33,411.12 | $1,888.81 | -$3,078.34 | -$1,384.82 | $3,862.15 | $6,671.05 | -$6,537.21 | -$420.85 | $2,887.48 | $1,261.68 |
| 30 | $38,161.79 | $5,248.21 | $34,899.29 | $2,107.21 | -$2,730.25 | -$1,362.68 | $3,583.29 | $7,231.82 | -$7,601.56 | -$437.81 | $3,094.54 | $1,296.30 |
| 31 | $39,781.66 | $5,002.72 | $36,177.83 | $2,322.17 | -$2,379.34 | -$1,341.73 | $3,005.16 | $7,812.00 | -$8,947.88 | -$478.82 | $3,289.84 | $1,330.02 |
| 32 | $41,181.93 | $4,742.13 | $37,254.82 | $2,533.09 | -$2,026.22 | -$1,321.89 | $2,144.17 | $8,409.86 | -$10,559.55 | -$542.60 | $3,473.65 | $1,362.81 |
| 33 | $42,371.00 | $4,467.83 | $38,138.34 | $2,739.38 | -$1,671.49 | -$1,303.06 | $1,016.73 | $9,023.69 | -$12,419.97 | -$627.88 | $3,646.24 | $1,394.64 |
| 34 | $43,357.23 | $4,181.21 | $38,836.48 | $2,940.46 | -$1,315.77 | -$1,285.15 | -$360.76 | $9,651.75 | -$14,512.50 | -$733.38 | $3,807.88 | $1,425.50 |
| 35 | $44,149.01 | $3,883.68 | $39,357.32 | $3,135.72 | -$959.64 | -$1,268.06 | -$1,971.88 | $10,292.33 | -$16,820.56 | -$857.83 | $3,958.83 | $1,455.34 |
| 36 | $44,754.71 | $3,576.62 | $39,708.95 | $3,324.58 | -$603.73 | -$1,251.72 | -$3,800.23 | $10,943.69 | -$19,327.51 | -$999.93 | $4,099.38 | $1,484.14 |
| 37 | $45,182.70 | $3,261.44 | $39,899.45 | $3,506.46 | -$248.62 | -$1,236.02 | -$5,829.39 | $11,604.12 | -$22,016.75 | -$1,158.43 | $4,229.78 | $1,511.88 |
| 38 | $44,037.98 | $2,756.38 | $38,790.57 | $3,680.28 | $5.13 | -$1,194.37 | -$8,731.77 | $12,379.51 | -$25,567.19 | -$1,387.76 | $4,338.81 | $1,504.85 |
| 39 | $42,749.93 | $2,252.35 | $37,550.56 | $3,845.53 | $255.34 | -$1,153.84 | -$11,751.14 | $13,146.51 | -$29,203.47 | -$1,627.06 | $4,435.74 | $1,497.14 |
| 40 | $41,326.92 | $1,750.75 | $36,187.48 | $4,001.62 | $501.41 | -$1,114.34 | -$14,871.10 | $13,903.41 | -$32,908.99 | -$1,875.04 | $4,520.83 | $1,488.70 |
| 41 | $39,777.33 | $1,252.97 | $34,709.42 | $4,147.97 | $742.74 | -$1,075.77 | -$18,075.23 | $14,648.47 | -$36,667.13 | -$2,130.44 | $4,594.35 | $1,479.52 |
| 42 | $38,109.54 | $760.42 | $33,124.48 | $4,283.97 | $978.72 | -$1,038.05 | -$21,347.13 | $15,379.98 | -$40,461.28 | -$2,391.97 | $4,656.57 | $1,469.57 |
| 43 | $36,331.91 | $274.48 | $31,440.72 | $4,409.05 | $1,208.74 | -$1,001.09 | -$24,670.39 | $16,096.20 | -$44,274.82 | -$2,658.35 | $4,707.77 | $1,458.81 |
| 44 | $34,452.83 | -$203.44 | $29,666.24 | $4,522.60 | $1,432.21 | -$964.78 | -$28,028.60 | $16,795.43 | -$48,091.14 | -$2,928.32 | $4,748.20 | $1,447.23 |
| 45 | $32,480.67 | -$671.96 | $27,809.12 | $4,624.05 | $1,648.50 | -$929.05 | -$31,405.36 | $17,475.92 | -$51,893.64 | -$3,200.58 | $4,778.15 | $1,434.79 |
| 46 | $30,423.81 | -$1,129.67 | $25,877.45 | $4,712.79 | $1,857.03 | -$893.79 | -$34,784.24 | $18,135.96 | -$55,665.68 | -$3,473.87 | $4,797.88 | $1,421.47 |
| 47 | $28,290.62 | -$1,575.18 | $23,879.30 | $4,788.24 | $2,057.18 | -$858.92 | -$38,148.84 | $18,773.83 | -$59,390.67 | -$3,746.90 | $4,807.67 | $1,407.23 |
| 48 | $26,089.48 | -$2,007.10 | $21,822.77 | $4,849.81 | $2,248.35 | -$824.34 | -$41,482.76 | $19,387.79 | -$63,051.99 | -$4,018.40 | $4,807.78 | $1,392.06 |
| 49 | $23,828.77 | -$2,424.03 | $19,715.93 | $4,896.90 | $2,429.93 | -$789.96 | -$44,769.58 | $19,976.14 | -$66,633.02 | -$4,287.10 | $4,798.48 | $1,375.92 |
| 50 | $21,516.86 | -$2,824.57 | $17,566.88 | $4,928.93 | $2,601.33 | -$755.70 | -$47,992.90 | $20,537.13 | -$70,117.16 | -$4,551.71 | $4,780.04 | $1,358.79 |
| 51 | $19,162.13 | -$3,207.34 | $15,383.70 | $4,945.30 | $2,761.92 | -$721.45 | -$51,136.30 | $21,069.05 | -$73,487.78 | -$4,810.95 | $4,752.74 | $1,340.64 |
| 52 | $16,772.95 | -$3,570.93 | $13,174.46 | $4,945.43 | $2,911.12 | -$687.13 | -$54,183.38 | $21,570.18 | -$76,728.28 | -$5,063.56 | $4,716.85 | $1,321.43 |
| 53 | $14,357.70 | -$3,913.94 | $10,947.26 | $4,928.72 | $3,048.31 | -$652.65 | -$57,117.73 | $22,038.79 | -$79,822.05 | -$5,308.25 | $4,672.62 | $1,301.16 |
| 54 | $11,924.76 | -$4,234.99 | $8,710.18 | $4,894.58 | $3,172.90 | -$617.91 | -$59,922.93 | $22,473.15 | -$82,752.46 | -$5,543.74 | $4,620.34 | $1,279.77 |
| 55 | $9,482.50 | -$4,532.68 | $6,471.30 | $4,842.43 | $3,284.26 | -$582.82 | -$62,582.59 | $22,871.55 | -$85,502.91 | -$5,768.76 | $4,560.28 | $1,257.26 |
| 56 | $7,039.30 | -$4,805.61 | $4,238.72 | $4,771.67 | $3,381.81 | -$547.28 | -$65,080.28 | $23,232.25 | -$88,056.79 | -$5,982.03 | $4,492.70 | $1,233.59 |
| 57 | $4,603.54 | -$5,052.38 | $2,020.50 | $4,681.71 | $3,464.93 | -$511.22 | -$67,399.60 | $23,553.54 | -$90,397.47 | -$6,182.28 | $4,417.88 | $1,208.73 |
| 58 | $2,183.58 | -$5,271.61 | -$175.26 | $4,571.96 | $3,533.02 | -$474.53 | -$69,524.15 | $23,833.70 | -$92,508.35 | -$6,368.22 | $4,336.08 | $1,182.65 |
| 59 | -$212.19 | -$5,461.89 | -$2,340.48 | $4,441.83 | $3,585.47 | -$437.12 | -$71,437.50 | $24,070.98 | -$94,372.82 | -$6,538.58 | $4,247.57 | $1,155.34 |
| 60 | -$2,575.39 | -$5,621.83 | -$4,467.07 | $4,290.73 | $3,621.69 | -$398.91 | -$73,123.26 | $24,263.68 | -$95,974.26 | -$6,692.07 | $4,152.63 | $1,126.75 |
| 61 | -$4,897.31 | -$5,750.54 | -$6,546.49 | $4,118.45 | $3,641.11 | -$359.85 | -$74,565.02 | $24,410.07 | -$97,296.05 | -$6,827.44 | $4,051.53 | $1,096.87 |
| 62 | -$7,168.91 | -$5,848.25 | -$8,569.58 | $3,925.59 | $3,643.34 | -$320.00 | -$75,746.36 | $24,508.43 | -$98,321.59 | -$6,943.39 | $3,944.53 | $1,065.66 |
| 63 | -$9,381.97 | -$5,915.66 | -$10,527.85 | $3,712.96 | $3,628.03 | -$279.44 | -$76,650.87 | $24,557.02 | -$99,034.26 | -$7,038.65 | $3,831.91 | $1,033.10 |
| 64 | -$11,529.24 | -$5,953.77 | -$12,413.64 | $3,481.53 | $3,594.92 | -$238.28 | -$77,262.15 | $24,554.14 | -$99,417.45 | -$7,111.94 | $3,713.93 | $999.16 |
| 65 | -$13,604.52 | -$5,963.99 | -$14,220.16 | $3,232.41 | $3,543.84 | -$196.63 | -$77,563.79 | $24,498.04 | -$99,454.54 | -$7,161.98 | $3,590.88 | $963.82 |
| 66 | -$15,602.74 | -$5,948.10 | -$15,941.59 | $2,966.88 | $3,474.68 | -$154.62 | -$77,539.38 | $24,387.02 | -$99,128.93 | -$7,187.51 | $3,463.00 | $927.04 |
| 67 | -$17,520.02 | -$5,908.28 | -$17,573.15 | $2,686.36 | $3,387.42 | -$112.37 | -$77,172.50 | $24,219.34 | -$98,424.00 | -$7,187.23 | $3,330.59 | $888.80 |
| 68 | -$19,353.76 | -$5,847.17 | -$19,111.13 | $2,392.46 | $3,282.13 | -$70.05 | -$76,446.76 | $23,993.28 | -$97,323.13 | -$7,159.87 | $3,193.90 | $849.06 |
| 69 | -$21,102.72 | -$5,767.82 | -$20,553.00 | $2,086.97 | $3,158.96 | -$27.84 | -$75,345.73 | $23,707.12 | -$95,809.71 | -$7,104.16 | $3,053.21 | $807.81 |
Note: Welfare and wealth changes by age. Units are constant January 2023 dollars.
Source: CBO, SCF, and author calculations.
Last Update:
May 12, 2023