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According to the Federal Reserve, the average net worth among U.S. households in 2022 was $1,063,700. However, the median net worth was only $192,900, which suggests that most Americans are not that close to being millionaires.
That being said, millionaires tend to have similar money habits to everyday Americans that helped them get to where they are today.
For example, they usually avoid spending their entire paycheck, they invest money they aren’t using and they create clear financial goals instead of leaving things to chance.
There are also certain things that millionaires tend to own — and some may surprise you.
Millionaires tend to own things that go up in value after you buy them. A good example is real estate.
Consider this: In the first quarter of 1995, the median U.S. home sold for $130,000. By comparison, in the first quarter of 2025, it sold for $416,900. That’s a notable increase in value.
Not only are millionaires homeowners, but according to a Ramsey Solutions national survey of millionaires, the average millionaire pays off their house in just 10.2 years. Paying off a home ahead of schedule means that you spend less on interest, allowing you to grow your wealth even more.
Houses are a prime example of an asset that tends to appreciate in value over time. Cars tend to do the opposite — they lose value the older they get.
This may be why so many millionaires own used cars. Buying a used vehicle instead of a new one can lead to significant savings, from the purchase price to operating costs like insurance and maintenance. Spending less on cars is part of what allows people to grow their wealth.
According to Edmunds, the average used vehicle cost $27,177 in late 2024, compared to $47,542 for a new car, roughly a $20,000 difference.
If you were to invest $20,000 in a stock portfolio delivering an 8% yearly return, which is a bit below the market’s historical average, it would be worth more than $93,000 after 20 years.
Opting for a used car instead of a new one a few times in your lifetime can get you closer to millionaire status.
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