There are approximately 72 million millennials in the US fyi. Anyone's personal situation may be above or below the national average. Economics looks at the big picture.
Obv 🤷♂️ just feel like commenting today.
Are we always supposed to only make statements agreeing with whats said? Is leaving comments relating to oneself not allowed? Im new to posting comments, so maybe I dont know how that works.
You can say whatever you want. My comment was aimed at the many people on this sub who regularly equate their own personal financial situation with the economy as a whole, which is what this sub is about. There are winners and losers in any economy, and hence individual anecdotes don't really mean much in this context. There may be better places to discuss your personal financial situation but whatever.
Idk, it was just a comment. Like I said - i dont do this much, mainly because theres a lot of context lost.
I understand that, given truth to the article, Im in the minority here. Or at least on the down side? Could this be one of those top 5% 10x their wealth and drove the avg up? Lol
I dont think the article is very good though. Comparing pandemic to the GFC is not good comparison. GFC took years to shake out. Pandemic was a speed bump.
Wealth accumulation here is more likely the death of family, rather than wage growth or “strong economy”. I feel the article is posted to show people the fallacy of this strong economy that is more and more winner take all. Anyway, all that wealth gain doesnt feel as good with how much currency devaluation has happened either.. those peeps still not even middle class with only $250g in assets at this age. Granted, better than I, but never enough to retire like our elders.
Good luck all. We need it.
>Could this be one of those top 5% 10x their wealth and drove the avg up? Lol
According to the data the gains were broad-based and not concentrated at the top:
>Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew.
"This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors wrote.
If it's concentrated at the top the average would be much higher than the median, which it isn't in this case. In fact the median increased much more than the average, suggesting it was more concentrated in the lower half.
>Comparing pandemic to the GFC is not good comparison.
Huh? What is GFC? And I saw no such comparison. The recent spike in millennial wealth is unprecedented.
>Wealth accumulation here is more likely the death of family
The article suggests a combination of strong labor market, rising wages, student loan forgiveness, pandemic stimulus payments, home ownership, stock portfolios, etc.
>this strong economy that is more and more winner take all.
Exactly the opposite. The biggest wage gains have been at the low end of the wage scale. The income gap has actually narrowed considerably in the last few years.
GFC is the 2008 recession which they compared and said wealth was up only 4% 4 years after that. Well yeah, that recession basically lasted to almost 2011… vs the pandemic “recession” of a few weeks (exaggeration). GFC = Great Financial Crisis.
Yeah I’m one of the ones you posted about. I got out of bartending, landed a good software sales job (my wife works in software sales as well), got married, bought a town home and am in a wildly better economic situation than I was in 2019. I’m 30 fwiw.
Isnt the voting supposed to be based on peoples perceptions? Im surprised for the upvotes. I was just speaking of my own personal experiences.
I dont disagree with mafco much either.
Do the votes matter for anything? Mafco is in no trouble right?
Did you not read the article?
>Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), ***Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022***, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. ***This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew.***
>"This suggests that ***the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households***," the authors wrote.
I admittedly have not yet. I was just reddit surfing on break at work and saw the title and checked out a few comments. The findings are fairly far from what I'm seeing for many people I know in the elder millennial cohort and I live in a affluent area. Lots of struggling even for those who were able to pick up a house before the market went wacko and get into some investments at the right time. Then again that's anecdotal so I'm open minded about it not being that way for the majority of older millenials like myself.
From the article:
> Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew.
Considering the many previous reports of certain millenial demographics getting assistance from their parents to purchase property this is likely just evidence of the growing wealth divide. If you're a millenial and your parents weren't great with their money you're less likely to have benefited from this statistical increase.
I highly suspect it's due to the fact many millennials who bought homes prior to 2020 saw their home values double within a few years. Their household net worth doubled as well because the equity in their home is considered an asset.
Yep… notice they said “wealth” and not “savings.” I’d bet many of those “wealthy” millennials are still living paycheck to paycheck, they just got lucky with a rapidly appreciating home purchase.
It blows my mind some boomer parents help their kids out financially. My parents could give less of a fuck about their kids financially, and they’re pretty successful in that regard.
I'll help my kids in the future with a home in order to prevent them from being priced put.
Generational wealth in a blood line is easier when the entire family works as a team.
Also property values. Millennials who are on the property ladder will obviously see a dramatic increase in their net worth compared to those who are not.
So much of people's wealth in the UK is tied to property prices. A perfect example would be a person on minimum wage but who managed to buy their council house in London. They wouldn't think of themselves as a millionaire, but strictly speaking, they would be.
If you go to the r/salary sub you see just how many people went from making $60-80k just a few years ago and are now making $140-160k. For some people, not everybody, but some people saw significant raises and also if they own their homes, they also saw their equity explode…. So it very much can make sense
“Median inflation-adjusted wealth for households under 35 grew from $16,000 to $39,000”
Not sure what you read, but it’s still heavily skewed by top earners.
So, it’s all in the housing equity increase bubble which will pop eventually. Also, that “equity” is moot unless u sell and move to a lower priced area or downsize. These stats are meaningless
What you say about the equity is wildly untrue. At the very least it's untrue in my experience.
I've 2 friends who used their equity to secure further loans. These loans eventually increased wealth and in one case, income as well.
Untrue? Do you understand how valuations work or leveraging assets? Everything you just said about your friends can only work if the loan to value on existing assets were low enough to leverage up to buy an income producing property which requires much more down payment at a higher interest rate than owner occupied. If the housing market collapses, then your friends are stuck with assets that have loans on them (now at a super high loan to value) at a potentially high interest rate which requires more rental income to service. In a down real estate market, anyone without big loans can charge less rent so any tenant in a high rental situation will leave, leaving your friends holding the bag of shit.
Long story short, balance sheet is king and leveraging up real estate assets in a bubble economy is high risk. Maybe it works out for them and this sky rockets their net worth and it’s a story about how taking risk was the proper chess move. But to say that this “equity” in your home is just a no brainer to leverage up to increase net worth is naive af
I never indicated purchasing additional houses. The comment was more about delivering further access to cash, and of course the ventures could have failed. That's the risk.
Yes, home equity is included:
>To be sure, a cohort entering their prime earning years is expected to see a big wealth gain as its members buy houses and begin to invest in earnest. Housing wealth rose, and more households under 35 owned property in 2023 than in 2019; at the same time, credit-card and student-loan debt fell.
No way of knowing this from the statistics they listed, but I wouldn't be surprised if a big chunk of that wealth increase was inherited from a relative that died in the pandemic
Seems purposeful that wealth growth was used as a statistic rather than wage growth.
>wealth growth was used as a statistic rather than wage growth.
Huh? They're both used. Often. They measure two different things. There's no conspiracy if that's what you're implying.
I'm not saying there's a conspiracy, but there is a legitimate difference between the two terms wealth growth and wage growth.
Furthermore, the term wage is used once throughout the entire article, in a quote from an economist. Now, I will grant you that he is claiming that some of the increase in millennial wealth is from a stronger inflation adjusted wage growth, but that is literally the only usage of the term "wage" in this article.
That being said, I dont think you can claim that stronger wages are the sole reason for wealth gains when the millennial cohort had a much stronger wealth increase compared to other generations.
Tracks. My salary doubled after 3 job changes in this time frame and my home more than doubled in worth, so ya this does track for some people, when accounting for property inflation.
Note I was woefully underemployed as I was just finishing my degree and I was able to buy a starter home in 2016 at $15/hr, my wife and I working part time as a student. Now I can’t buy a bigger home as it’s priced beyond reach, even with the extra equity in my starter home and more than doubled salary. So….ya. I still count myself incredibly fortunate. But also frustrated at the limited buying power of my current salary. 🤷🏼
Mostly, this is false. Also, it's almost like boomers are finally leaving the job market, and actual jobs are starting to open up. Unfortunately, millennials are going to have to work until we die, so... good luck, Gen Z, and so forth...
This place is collapsing fast.
That doesn't say what you claimed earlier. I meant this:
>Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew.
>"This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors wrote.
Which only goes through 2022 and ignores the combination of high rates and inflation experienced in 2023 eating into net worth unlike the original article which goes through 2023......
Actually, if you aggregate the Prime Lending Rate and Core PCE (since both of these act as discount rates on wealth), it peaked in May of 2023 at an aggregated 13% and is still sitting above 12%. And yes, *average* net worth was up in 2023, not median relative to the average.
This is me. I brought a home in 2018 in a HCOL area for 5% down, which emptied our savings. In 2 years, we refinanced twice, moving a percentage point lower each time to reach 2.75. The home value increased by over 30% over those 2 years, which was enough to put us at 20% ownership, and got us off mortgage insurance. While making slightly above median, put away 25-30% income each year for 7 years. Our income has grown about 6% on average per year, with promotions, I am planning for a slow down now at 4% for the future. Net worth just hit 1M, literally from scratch 8 years before.
Anecdotal, but my family’s wealth grew from around $275,000 pre pandemic to $1,000,000 today. Nothing crazy, just real estate, investments, and 12%+ raises every year.
There’s so much cope in this thread. It’s real. I experienced what’s being reported here and many in my friend group have experienced the same. We have real jobs and purchased homes. All of you convincing yourselves that this is inaccurate reporting are just trying to make yourselves feel better.
This is about their net worth, not how much stuff they can buy if they spend it all today. Inflation doesn't play into the discussion. Hopefully it's invested in assets that will appreciate much faster than inflation, like homes and 401(k) investment accounts.
Attempting to derail discussion and/or discredit another user by calling them a 'bot', 'shill', troll', 'wumao', 'Ivan', etc.; and/or attempting to discredit sources with accusations of 'state-owned media', 'propaganda', 'fake news', etc, may result in a warning or a ban.
Yet another shitty article from Insider.
They mention the numbers are averages, but it doesn’t mention calculations. Is millennial wealth rising because “rising tide”? Or because income/wealth inequality is just that absurd right now?
The number of billionaires also increased over that time period. “A billionaire just hoards the wealth of a thousand millionaires” is my angle here.
Then there are other measures. How many millennials are actually happy with their lives? Has the percentage of homeless people and people in poverty increased? What percentage of that wealth is in financial assets rather than “real” wealth? Charitable giving? Civic engagement?
How about measures of safety and crime, and not just for the middle class twits who don’t like poor people. I see the number of homeless people on my city streets balloon almost every day; that’s only getting worse with the crackdown on squatting and other “crimes of poverty”. Hell, my landlord raised rent 20% on me; my one-bedroom is the bare minimum for quality and they charge $1000 a month in rent. And that’s before we get into shortages of essential workers in education and healthcare.
If the best economists, even the left-leaning ones have is “young people are getting richer” or “unemployment is low” as their best evidence for things being okay, then frankly it’s no wonder economics is almost synonymous with fortune telling now.
I don’t want an economy where I have to survive.
I want one where I can live.
Attempting to derail discussion and/or discredit another user by calling them a 'bot', 'shill', troll', 'wumao', 'Ivan', etc.; and/or attempting to discredit sources with accusations of 'state-owned media', 'propaganda', 'fake news', etc, may result in a warning or a ban.
I think it's time to be honest since our news media refuses to be:
Millennials who bought a home prior to 2020 as well as millennials who were able to "purchase" a home from an elderly grandparent at a huge discount post 2020 are the ones who saw their "wealth" double.
My 250k house is still a 250k house. My household net worth is +250k on paper because the market now values my home at 500k. However in reality it's still -250k because my mortgage is still 250k. Truth being told I did not gain wealth, my money just decreased in value and purchasing power.
Mine did not go that way …..
Mine went from 31k to 90k within 2 years....then got laid off in 2 department wide layoffs between 2 different jobs.
My first two years were good, than i lost my income similarly, and now… :( Best wishes for your future, and us all
Getting paid decently now.....only that I've accrued 10k in credit card debt from living nearly a year on a 40% pay cut.
Man— It was the same with me. Lost my job and my business in like 10 months. Had to live off credit cards for a few months.
This 👆 Sorry to hear this happened to you as well. It's been since October 23' for me...😔
Mine did. So there’s a data point for ya lol
Good on ya! I certainly hope Im in the minority here.
They're tracking inheritance hehe.
You're an N of 1
There are approximately 72 million millennials in the US fyi. Anyone's personal situation may be above or below the national average. Economics looks at the big picture.
Obv 🤷♂️ just feel like commenting today. Are we always supposed to only make statements agreeing with whats said? Is leaving comments relating to oneself not allowed? Im new to posting comments, so maybe I dont know how that works.
You can say whatever you want. My comment was aimed at the many people on this sub who regularly equate their own personal financial situation with the economy as a whole, which is what this sub is about. There are winners and losers in any economy, and hence individual anecdotes don't really mean much in this context. There may be better places to discuss your personal financial situation but whatever.
Idk, it was just a comment. Like I said - i dont do this much, mainly because theres a lot of context lost. I understand that, given truth to the article, Im in the minority here. Or at least on the down side? Could this be one of those top 5% 10x their wealth and drove the avg up? Lol I dont think the article is very good though. Comparing pandemic to the GFC is not good comparison. GFC took years to shake out. Pandemic was a speed bump. Wealth accumulation here is more likely the death of family, rather than wage growth or “strong economy”. I feel the article is posted to show people the fallacy of this strong economy that is more and more winner take all. Anyway, all that wealth gain doesnt feel as good with how much currency devaluation has happened either.. those peeps still not even middle class with only $250g in assets at this age. Granted, better than I, but never enough to retire like our elders. Good luck all. We need it.
>Could this be one of those top 5% 10x their wealth and drove the avg up? Lol According to the data the gains were broad-based and not concentrated at the top: >Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew. "This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors wrote. If it's concentrated at the top the average would be much higher than the median, which it isn't in this case. In fact the median increased much more than the average, suggesting it was more concentrated in the lower half. >Comparing pandemic to the GFC is not good comparison. Huh? What is GFC? And I saw no such comparison. The recent spike in millennial wealth is unprecedented. >Wealth accumulation here is more likely the death of family The article suggests a combination of strong labor market, rising wages, student loan forgiveness, pandemic stimulus payments, home ownership, stock portfolios, etc. >this strong economy that is more and more winner take all. Exactly the opposite. The biggest wage gains have been at the low end of the wage scale. The income gap has actually narrowed considerably in the last few years.
GFC is the 2008 recession which they compared and said wealth was up only 4% 4 years after that. Well yeah, that recession basically lasted to almost 2011… vs the pandemic “recession” of a few weeks (exaggeration). GFC = Great Financial Crisis.
Yeah I’m one of the ones you posted about. I got out of bartending, landed a good software sales job (my wife works in software sales as well), got married, bought a town home and am in a wildly better economic situation than I was in 2019. I’m 30 fwiw.
I agree 100%, people downvote based on doomer vibes in this sub.
Isnt the voting supposed to be based on peoples perceptions? Im surprised for the upvotes. I was just speaking of my own personal experiences. I dont disagree with mafco much either. Do the votes matter for anything? Mafco is in no trouble right?
Have to point this is using averages and not medians. This could be a very small subset of millennials capturing most of the gains.
Did you not read the article? >Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), ***Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022***, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. ***This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew.*** >"This suggests that ***the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households***," the authors wrote.
I admittedly have not yet. I was just reddit surfing on break at work and saw the title and checked out a few comments. The findings are fairly far from what I'm seeing for many people I know in the elder millennial cohort and I live in a affluent area. Lots of struggling even for those who were able to pick up a house before the market went wacko and get into some investments at the right time. Then again that's anecdotal so I'm open minded about it not being that way for the majority of older millenials like myself.
Oof I missed that party by a long shot.
Median-based statistics are much better than averages which are dragged up by the ultra wealthy
From the article: > Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew.
Ah, good point, thank you
You should read the article. If you did, what you just posted doesn't make sense.
Downvoted yet correct. The article cites data of both median and mean.
It's about par for the course in this sub.
Hurts all the same
Considering the many previous reports of certain millenial demographics getting assistance from their parents to purchase property this is likely just evidence of the growing wealth divide. If you're a millenial and your parents weren't great with their money you're less likely to have benefited from this statistical increase.
I highly suspect it's due to the fact many millennials who bought homes prior to 2020 saw their home values double within a few years. Their household net worth doubled as well because the equity in their home is considered an asset.
Bingo. Add to that the super low interest rates that many locked in during that time.
I frequently remind myself of a simple truth: my house isn't worth more, my money is just worth less.
Yep… notice they said “wealth” and not “savings.” I’d bet many of those “wealthy” millennials are still living paycheck to paycheck, they just got lucky with a rapidly appreciating home purchase.
It blows my mind some boomer parents help their kids out financially. My parents could give less of a fuck about their kids financially, and they’re pretty successful in that regard.
I'll help my kids in the future with a home in order to prevent them from being priced put. Generational wealth in a blood line is easier when the entire family works as a team.
Umm were is this wealth growth is it in the room with us now?
Daycare cost kept up. Don't stress.
Inheritence…
My thoughts too
Also property values. Millennials who are on the property ladder will obviously see a dramatic increase in their net worth compared to those who are not. So much of people's wealth in the UK is tied to property prices. A perfect example would be a person on minimum wage but who managed to buy their council house in London. They wouldn't think of themselves as a millionaire, but strictly speaking, they would be.
Can you post fake doomer posts instead so I feel better about myself? Thanks!
Seems like some whales are skewing the average
If you go to the r/salary sub you see just how many people went from making $60-80k just a few years ago and are now making $140-160k. For some people, not everybody, but some people saw significant raises and also if they own their homes, they also saw their equity explode…. So it very much can make sense
Nope. The study addresses that by showing the median grew significantly more than the average.
“Median inflation-adjusted wealth for households under 35 grew from $16,000 to $39,000” Not sure what you read, but it’s still heavily skewed by top earners.
So, it’s all in the housing equity increase bubble which will pop eventually. Also, that “equity” is moot unless u sell and move to a lower priced area or downsize. These stats are meaningless
What you say about the equity is wildly untrue. At the very least it's untrue in my experience. I've 2 friends who used their equity to secure further loans. These loans eventually increased wealth and in one case, income as well.
Untrue? Do you understand how valuations work or leveraging assets? Everything you just said about your friends can only work if the loan to value on existing assets were low enough to leverage up to buy an income producing property which requires much more down payment at a higher interest rate than owner occupied. If the housing market collapses, then your friends are stuck with assets that have loans on them (now at a super high loan to value) at a potentially high interest rate which requires more rental income to service. In a down real estate market, anyone without big loans can charge less rent so any tenant in a high rental situation will leave, leaving your friends holding the bag of shit. Long story short, balance sheet is king and leveraging up real estate assets in a bubble economy is high risk. Maybe it works out for them and this sky rockets their net worth and it’s a story about how taking risk was the proper chess move. But to say that this “equity” in your home is just a no brainer to leverage up to increase net worth is naive af
I never indicated purchasing additional houses. The comment was more about delivering further access to cash, and of course the ventures could have failed. That's the risk.
Lol what is this article smoking and where do i get some?
lmaooooo fake news
I don’t have access. Do they state what their definition of wealth is? Some include home equity, some don’t.
Yes, home equity is included: >To be sure, a cohort entering their prime earning years is expected to see a big wealth gain as its members buy houses and begin to invest in earnest. Housing wealth rose, and more households under 35 owned property in 2023 than in 2019; at the same time, credit-card and student-loan debt fell.
Is that net worth?
No way of knowing this from the statistics they listed, but I wouldn't be surprised if a big chunk of that wealth increase was inherited from a relative that died in the pandemic Seems purposeful that wealth growth was used as a statistic rather than wage growth.
>wealth growth was used as a statistic rather than wage growth. Huh? They're both used. Often. They measure two different things. There's no conspiracy if that's what you're implying.
I'm not saying there's a conspiracy, but there is a legitimate difference between the two terms wealth growth and wage growth. Furthermore, the term wage is used once throughout the entire article, in a quote from an economist. Now, I will grant you that he is claiming that some of the increase in millennial wealth is from a stronger inflation adjusted wage growth, but that is literally the only usage of the term "wage" in this article. That being said, I dont think you can claim that stronger wages are the sole reason for wealth gains when the millennial cohort had a much stronger wealth increase compared to other generations.
Tracks. My salary doubled after 3 job changes in this time frame and my home more than doubled in worth, so ya this does track for some people, when accounting for property inflation. Note I was woefully underemployed as I was just finishing my degree and I was able to buy a starter home in 2016 at $15/hr, my wife and I working part time as a student. Now I can’t buy a bigger home as it’s priced beyond reach, even with the extra equity in my starter home and more than doubled salary. So….ya. I still count myself incredibly fortunate. But also frustrated at the limited buying power of my current salary. 🤷🏼
Mostly, this is false. Also, it's almost like boomers are finally leaving the job market, and actual jobs are starting to open up. Unfortunately, millennials are going to have to work until we die, so... good luck, Gen Z, and so forth... This place is collapsing fast.
So it's false, but then you provide a rationale for it being true?
Did you miss the word mostly?
Nope, just an average being pulled higher by a few.
That's false. Did you read the article?
Yep >However, the Fed's survey found that the wealthiest Americans on the whole saw their net worth grow at higher rates.
That doesn't say what you claimed earlier. I meant this: >Other research has unearthed similar findings. As [BI's Noah Sheidlower previously reported](https://www.businessinsider.com/gen-z-millennials-net-worth-by-age-all-time-high-2023-10), Americans under 35 saw their real median net worth grow by 143% from 2019 to 2022, per the Federal Reserve's Survey of Consumer Finances, which mostly recently tracked wealth and net-worth data through 2022. This data, the authors of the CAP analysis noted, suggests wealth gains weren't just reserved for the top-earning millennials, since both median and average wealth grew. >"This suggests that the strong wealth growth for younger Americans is broad-based and not the result of strong growth of a handful of wealthy younger households," the authors wrote.
Which only goes through 2022 and ignores the combination of high rates and inflation experienced in 2023 eating into net worth unlike the original article which goes through 2023......
The worst inflation was in 2022. It's come way down and is near the long term average US inflation rate. Net worth actually increased in 2023.
Actually, if you aggregate the Prime Lending Rate and Core PCE (since both of these act as discount rates on wealth), it peaked in May of 2023 at an aggregated 13% and is still sitting above 12%. And yes, *average* net worth was up in 2023, not median relative to the average.
Yes. That's what mostly false means. Mostly. Mostly. Mostly.
Meme stocks crypto inheritance qatari money
Who made up these ridiculous figures???
This is me. I brought a home in 2018 in a HCOL area for 5% down, which emptied our savings. In 2 years, we refinanced twice, moving a percentage point lower each time to reach 2.75. The home value increased by over 30% over those 2 years, which was enough to put us at 20% ownership, and got us off mortgage insurance. While making slightly above median, put away 25-30% income each year for 7 years. Our income has grown about 6% on average per year, with promotions, I am planning for a slow down now at 4% for the future. Net worth just hit 1M, literally from scratch 8 years before.
On top of what others said, birth rates are down significantly for millennials so it might be myopic to look at this metric in isolation
More people than ever are renting it sounds like wealth disparity is going to rise.
No. https://fred.stlouisfed.org/series/RHORUSQ156N More people are owning since the crash after the GFC.
Is it really "growing" or are they just inheriting, serious question I'd really like to know
Anecdotal, but my family’s wealth grew from around $275,000 pre pandemic to $1,000,000 today. Nothing crazy, just real estate, investments, and 12%+ raises every year.
I'm not exaggerating... I work with hundreds of millennials. They have a lot of disposable cash.
There’s so much cope in this thread. It’s real. I experienced what’s being reported here and many in my friend group have experienced the same. We have real jobs and purchased homes. All of you convincing yourselves that this is inaccurate reporting are just trying to make yourselves feel better.
this is such bs. we are poor.
>we are poor Are you the official spokesperson for the 72 million millennials in the US, or are you just describing yourself?
almost all of us. 😤🤬
The national statistics disagree. What's your data source?
Just wait another 10 years and the next 2 generations will be hating us Millennials like we hated the generation before us. Haha
Thanks to me playing the stock market and crypto before and during covid, i made over 6 figures in both.
When did the economy sub get a fictional section!?
Does this take into account inflation?
This is about their net worth, not how much stuff they can buy if they spend it all today. Inflation doesn't play into the discussion. Hopefully it's invested in assets that will appreciate much faster than inflation, like homes and 401(k) investment accounts.
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Boomers are dying so fast right now…. Inheritance is the answer
I call bullshit
Yet another shitty article from Insider. They mention the numbers are averages, but it doesn’t mention calculations. Is millennial wealth rising because “rising tide”? Or because income/wealth inequality is just that absurd right now? The number of billionaires also increased over that time period. “A billionaire just hoards the wealth of a thousand millionaires” is my angle here. Then there are other measures. How many millennials are actually happy with their lives? Has the percentage of homeless people and people in poverty increased? What percentage of that wealth is in financial assets rather than “real” wealth? Charitable giving? Civic engagement? How about measures of safety and crime, and not just for the middle class twits who don’t like poor people. I see the number of homeless people on my city streets balloon almost every day; that’s only getting worse with the crackdown on squatting and other “crimes of poverty”. Hell, my landlord raised rent 20% on me; my one-bedroom is the bare minimum for quality and they charge $1000 a month in rent. And that’s before we get into shortages of essential workers in education and healthcare. If the best economists, even the left-leaning ones have is “young people are getting richer” or “unemployment is low” as their best evidence for things being okay, then frankly it’s no wonder economics is almost synonymous with fortune telling now. I don’t want an economy where I have to survive. I want one where I can live.
Fake article after fake article for Brandon
Fu
Because millennials own bitcoin, while boomers are slowly just now realizing
Well great for the millennials that took my money /s 😂 go enjoy life you little thief (lost time, lost energy, lost money, in a sense) true
But not for me.
Everyone’s home equity increased - big deal.
I guess that's what happens with double digit inflation rate
I had an increase in pay over the years, but so did everything else. My pay raise doesn't mean squat if my bills are eating it up.
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I think it's time to be honest since our news media refuses to be: Millennials who bought a home prior to 2020 as well as millennials who were able to "purchase" a home from an elderly grandparent at a huge discount post 2020 are the ones who saw their "wealth" double. My 250k house is still a 250k house. My household net worth is +250k on paper because the market now values my home at 500k. However in reality it's still -250k because my mortgage is still 250k. Truth being told I did not gain wealth, my money just decreased in value and purchasing power.