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Millennial wealth is still lagging behind previous generations at the same age
Posted on 2/21/20 at 10:49 am
Posted on 2/21/20 at 10:49 am
quote:
When it comes to owning real estate, investments, and consumer goods, millennials are far behind previous generations at the same or similar age.
Millennials owned only 4.6% of total U.S. assets in the third quarter of 2019, the year when the middle of the generation was turning 30, according to recent Federal Reserve data. That compares to 7.8% for Gen Xers at the same age in 2002 and 25% for baby boomers in 1990, when the median boomer was slightly older at 35. (Data for boomers at age 30 wasn’t available.)
quote:
One of the biggest assets that Americans own is their homes. There, too, millennials lag previous generations.
Millennials own 4% of all U.S. real estate at the end of last year, compared with 12.9% for Gen X when they were at the same age in 2002. Boomers held about 32% in 1990 when the middle of the generation was around 35.
Part of the decline reflects millennials marrying later in life. The median age in 2019 for marriage was 28 for women and 29.8 for men, up from 23.8 for women and 26.2 for men in 1989, according to the Census Bureau.
How are millennials of the OT doing?
LINK
39
Posted on 2/21/20 at 10:51 am to RLDSC FAN
That's because the boomers and their massive leeching numbers won't die off.
Posted on 2/21/20 at 10:51 am to RLDSC FAN
quote:
When it comes to owning real estate, and consumer goods, millennials are far behind previous generations at the same or similar age.
Behind in owning real estate and consumer goods is a good thing. Real estate is a scam and a net drag on wealth and consumer goods are keeping up with the Joneses.
Posted on 2/21/20 at 10:51 am to RLDSC FAN
It’s almost as if people become wealthier as they age.
I suspect millennials will have their fair share in the next 10 years or so.
I suspect millennials will have their fair share in the next 10 years or so.
Posted on 2/21/20 at 10:51 am to Displaced
Craft beer ain't cheap.
Posted on 2/21/20 at 10:52 am to Displaced
quote:
That's because the boomers and their massive leeching numbers won't die off.
We're too tough to die; DWI
Posted on 2/21/20 at 10:53 am to Eli Goldfinger
quote:
It’s almost as if people become wealthier as they age.
I suspect millennials will have their fair share in the next 10 years or so.
"At the same age"
Posted on 2/21/20 at 10:54 am to Wtodd
quote:
We're too tough to die; DWI
That's fine for now, but I have the two most powerful warriors according to Tolstoy in my corner.
Posted on 2/21/20 at 10:54 am to Eli Goldfinger
quote:
It’s almost as if people become wealthier as they age.
You missed the point. Gen X and Boomers were wealthier than their millennial counterparts at the same age. Boomers were far wealthier than Gen X’rs were at that point.
I’m sure the Boomers will be along shortly to let us know it’s all because of laziness though.
This post was edited on 2/21/20 at 10:55 am
Posted on 2/21/20 at 10:55 am to RLDSC FAN
I've said this multiple times on the PB, but the younger generation is just pissed. Houses, education, healthcare, and other items have just far outpaced wages, and we are getting stuck holding the bag.
Posted on 2/21/20 at 10:55 am to RLDSC FAN
Wages stay stagnant while home values and vehicle costs have skyrocketed. Maybe that's why? A middle class home costs double what it did in 1990, and don't even get me started on what suburban soccer dads have done to pickup trucks.
Posted on 2/21/20 at 10:56 am to RLDSC FAN
Meh, I'm doing just fine. The schmucks I went to school with who took out $50k for an art history degree, on the other hand...
Still, not a great sign overall.
Still, not a great sign overall.
This post was edited on 2/21/20 at 10:57 am
Posted on 2/21/20 at 10:57 am to RLDSC FAN
Whoever dies with the most toys wins.
Posted on 2/21/20 at 10:58 am to SD Tider
quote:
I’m sure the Boomers will be along shortly to let us know it’s all because of laziness though.
Probably has more to do with the fact that so many people go to college now. Of course the wealth is going to come at a later age when you start your earning career 4-5 years later
Posted on 2/21/20 at 10:59 am to Eli Goldfinger
quote:
almost as if people become wealthier as they age.
I think you missed the point or I’m reading it wrong. They were saying compared to other generations at this point, millennials are falling behind. They are comparing other generations at the same age and timeframe as the millennials are now.
Posted on 2/21/20 at 11:01 am to RLDSC FAN
I’m doing really well actually.
Posted on 2/21/20 at 11:03 am to Eli Goldfinger
quote:It’s almost as if people from Alabama don’t read good
It’s almost as if people become wealthier as they age.
Posted on 2/21/20 at 11:03 am to RLDSC FAN
Millennials are likely to have Boomer parents and will catch up as the Boomer wealth is inherited.
Posted on 2/21/20 at 11:03 am to RLDSC FAN
The two biggest factors are home ownership and wages not keeping up with cost of living.
Home ownership is the traditional way for normal middle-to-lower class Americans to build equity, but that’s becoming harder due to how the cost of homes has skyrocketed as well as regulatory red tape.
Stagnant wages are the other issue. Multiple reasons for this, including Boomers working longer instead of retiring, companies cutting costs to fund the old pension plans that are no longer available to millennials, globalization, etc.
Home ownership is the traditional way for normal middle-to-lower class Americans to build equity, but that’s becoming harder due to how the cost of homes has skyrocketed as well as regulatory red tape.
Stagnant wages are the other issue. Multiple reasons for this, including Boomers working longer instead of retiring, companies cutting costs to fund the old pension plans that are no longer available to millennials, globalization, etc.
Posted on 2/21/20 at 11:04 am to RLDSC FAN
Started my Roth at 24
Bought first house at 26
Bought second house at 31
On a teacher's salary the entire time. It's not that hard to refrain from wasting money is it?
Outside of bills, saving, investing, and giving my needs are: food, beer, wine, LSU basketball tickets, and haircuts.
I travel once or twice per year.
Bought first house at 26
Bought second house at 31
On a teacher's salary the entire time. It's not that hard to refrain from wasting money is it?
Outside of bills, saving, investing, and giving my needs are: food, beer, wine, LSU basketball tickets, and haircuts.
I travel once or twice per year.
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