Menu: Lifestyle
By Samantha Green
Updated: Aug. 19, 2020
Originally Published: July 25, 2018
Millennials have often been derided for their fascination with trendy foods and experiences (yes, I’m looking at you, avocado toast), but it turns out their financial situation is far from glamorous. Contrary to the narrative spun by older generations, millennials are facing significant economic challenges compared to their parents at the same age. A revealing chart from Axios underscores just how dire the circumstances are.
The study reveals a sobering reality: between 1977 and 2016, median income barely budged, while the costs associated with education and homeownership skyrocketed. Despite adjusting for inflation, the figures paint a grim picture. While millennials grapple with rising college tuition and expensive housing markets, their earnings have remained stagnant, leaving them with crushing debt.
According to census data, nearly 31 percent of young adults aged 18-34 were residing in their parents’ homes as of 2016, marking this as the most common living situation for this demographic. The burdens of student loans and high living costs appear to be keeping millennials from achieving independence. Shocking, right?
Like many of my peers, I didn’t need a study to confirm that my financial reality is bleaker than that of my parents at my age. The numbers speak volumes. Just today, my friend Jake sent me a photo of the picturesque land where his parents are building their dream retirement home—it’ll likely eclipse anything I could ever afford. Meanwhile, I’m still in my cramped “starter” home, which I’ve inhabited for over a decade, despite steady employment.
It’s all good, though; I’m totally not bitter. I’m just chill. Many others from my generation took to social media to express their frustrations regarding these findings.
Interestingly, millennials are also opting out of traditional milestones like marriage. Axios notes that millennials represent roughly a quarter of the U.S. population, which translates to significant voting power. As we navigate the challenges of overwhelming college debt and unattainable housing, it’s crucial for us to remain aware of these realities and channel our discontent into action at the polls.
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Summary:
In summary, millennials face significant financial challenges compared to previous generations, with stagnant wages and rising costs for education and housing. This ongoing struggle is reflected in living arrangements and delayed life milestones. As millennials represent a substantial voting bloc, it’s essential for them to engage with these issues proactively.