Millennials Weren’t a Lost Generation. They Were a Late One
Summary
Research suggests millennials’ economic prospects have improved after a weak start. Compared with earlier generations at the same age, millennials have higher median household incomes and have gained wealth, though homeownership remains a notable challenge.Key Facts
- A 2018 St. Louis Fed study found that households headed by people born in the 1980s had 34 percent less wealth than an age-based benchmark in 2016.
- A follow-up analysis found that by 2022, typical households headed by people born in the 1980s had 37 percent more wealth than the benchmark.
- A study published in Demography compared five generations at ages 36 to 40 and found millennials’ median household income after taxes and benefits was 20 percent higher than Gen X’s at the same age.
- The Demography study adjusted incomes for inflation and household size.
- The St. Louis Fed attributed much of the 1980s cohort’s wealth increase to housing and described 2022 as unusually strong.
- The Federal Reserve’s 2025 Survey of Consumer Finances found that median net worth for households headed by people ages 35 to 44 rose 5 percent after inflation from 2022 to 2025, reaching $155,600.
- The article identifies homeownership as a key milestone where millennials have not caught up.
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