I would wager a lot of "wealth" is in the value of the homes they live in. That is it is illiquid wealth they cannot use. When you factor in medical debt, their liquid wealth is a lot less rosy.

> That is it is illiquid wealth they cannot use.

Housing is actually quite liquid as it is incredibly easy to mortgage. More likely you are overestimating how much housing value is actually there. The majority of American homeowners have already tapped into that liquidity. Owning a house that is worth, say, $1MM on the open market doesn't necessarily mean that your net worth is $1MM.