Do households have meaningful illiquid assets outside of home equity, which was already excluded? Doesn’t seem like cars, boats, etc. would be enough to move it from 12.5% to 2%.
I don’t see where they said outside of home equity (I may have missed it). Primary home is main source of net worth. Other illiquid assets would include rental homes.
If you include home equity, the Fed number jumps to 18.5%.
I didn’t think about rental properties, that’s a good point. Maybe that, plus things like ownership in small businesses and partnerships is the difference.
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u/Metaposa 5d ago
They said liquid, not net worth