Millennials Earning 20% Less Than Parents Did At Same Age

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New analysis of Federal Reserve data released today states that millennials are earning 20 percent less than their parents (Baby Boomers) did at the same age.  The report compared 25 to 34 year old individuals in 2013 (the most recent year available) to the same age group in 1989 after inflation adjustments.

Here is an overview/summary of the findings from the analysis:

  • Millennials have a median household income of $40,581
  • The median net worth of millennials is $10,090
    • This is 56% less than it was for boomers in 1989
  • Millennials have a lower home ownership rate than boomers
    • Home ownership rate dropped to 43 percent (down from 46 percent in 1989)
    • The rate has improved for millennials with a college degree relative to boomers
  • Millennials student debt is drastically higher
  • The median college-educated millennial with student debt is only earning slightly more than a baby boomer without a degree did in 1989

“The challenges that young adults face today could forecast the challenges that we see down the road,” said Tom Allison, deputy policy and research director at Young Invincibles.

[Read more at USA Today…]

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