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Fed: Household net worth hits record $83 trillion in 4th quarter of 2014

Household net worth rose by $1.5 trillion in the fourth quarter of last year to a record $83 trillion, the Federal Reserve said on Thursday.

The gains were driven by a surging real estate market. Household real estate holdings rose to their highest level since 2007. Real estate equity levels also hit a 2007 high.

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Household stock holdings also rose with the broader markets.

But at the same time, the central bank reported debt was on the rise. Total debt—including households, governments and corporations—rose 4.7 percent, the most since 2012.

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—With reporting by CNBC's Steve Liesman and Katie Little