In a world where millennials are often stereotyped as avocado toast-loving slackers, the reality is much more complicated. Contrary to what older generations may think, millennials are experiencing significant economic hardships compared to their parents at the same age. A revealing chart from Axios highlights this distressing truth: while median incomes have remained virtually unchanged from 1977 to 2016, the prices of essential goods and services have soared.
Even after adjusting for inflation, the numbers paint a bleak picture. The costs associated with higher education and homeownership have escalated, leaving many millennials drowning in student debt and unable to afford homes. This financial strain has resulted in a staggering 31 percent of young adults aged 18-34 living with their parents, making this the most common living arrangement for this age group.
As someone who relates to these struggles, I can attest to the findings of this study. I’ve spent 12 years in my modest “starter” home, despite being steadily employed throughout that time. Meanwhile, my friend Emily just sent me a photo of the lot where her parents will build a retirement home — a place that will likely be grander than any home I could imagine owning. I feel the weight of these realities daily, but hey, I’m totally breezy about it.
Interestingly, this financial burden is also influencing millennials’ views on marriage and family. As Axios points out, millennials now constitute a quarter of the population, which translates into a significant voting bloc. With the ongoing challenges of student debt and unaffordable housing, it’s crucial for millennials to make their voices heard at the polls this fall.
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In summary, millennials are contending with a unique set of challenges that their parents didn’t face at the same age. Stagnant wages, rising costs of living, and high levels of debt have made it difficult for young adults to achieve financial independence. This chart serves as a stark reminder of the systemic issues impacting this generation.
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