The kids are alright (at least richer than they feel)

Younger generations of Americans are widely thought to be worse off financially than their parents at the same age. Youth unemployment is high, college debt is onerous, and the cost of housing has soared.

And yet … in a study comparing the median wealth of Millennials, Gen Xers, and Baby Boomers when each was between their mid-20s and early 40s found that net worth has in fact grown with each generation. The median Boomer at that age was worth $58,101, the median Gen Xer at the same age had $78,333, and the Millennial more or less that age now, $84,941. All those amounts are in 2022 dollars. 

Note that median wealth figures are not distorted by inequality, as averages are. And note that net worth is what’s left after subtracting debt – including mortgages and college loans. Buying a first house is still a huge lift in much of the country, but that’s a housing market problem, not a problem of lagging wealth or earnings.

Sources: Lending Tree analysis of Federal Reserve Survey of Consumer Finances data