Fewer young adults are achieving economic and family milestones typically associated with adulthood, according to a recent working paper from the U.S. Census Bureau.
According to the working paper, “Changes in Milestones of Adulthood,” almost half of all young adults in 1975 had reached four milestones associated with adulthood: moving out of one’s parents’ home, getting a job, getting married and having a child.
Five decades on, that progression has changed dramatically. The share of young adults that have followed the traditional pathway to adulthood has dropped to less than a quarter, according to the paper.
In 1960 the US minimum wage was $1.00/hour and the price of a home averaged $11,000.00
Two kids could graduate high school and move into their own home the next day, and have the place paid off in less than a decade.
To put it In Perspective, in 1968. A person made about 6 grand a year houses were 12k. So twice the income. Now? Mean houses prices are around 400k. Income is around 66k.
There is no comparison. Today’s kids are financially MUCH worse off than we genxers
Anyone buying a home in 1968 is not an Xer. That’s a birth year.
Ate you just trying to be rude?
The poingvisbits the elites. Thats facts. Its not an age thing. Hell it ain’t even really a poliyics thing. Is the elite holding you down and keeping you arguing with other poor people. If is what it is
The economics of it have shifted over time. If you were born in 1968 you might have graduated university into Black Monday, and finished grad school in time for the dot.com meltdown. I did. Those are far from the boomer like conditions of the 1960s and 70s.
Graduated university? Dude. I was waaaay too poor for that.
It’s not just Gen Xers, speaking as a millennial, I bought a house with my wife in 2015 that was just over 2x our combined income at the time, which was not very high as we were both recently out of school, and we refinanced in '21 for a 2.7% interest rate. Out of control home prices nationwide coupled with high interest rates only hit after covid
I appreciate the insight as I’m a bit older and can’t look at it from that vantage. , but I’d ask if it wasn’t always going to go up again after the 08 bubble.
But I’m not economist. Just going off memory, so file this under “could be?”
I’m a millennial. Bought my house in a rural location for $70k at 3% interest in 2018
Due to the out of control housing market, it’s now “worth” $150k
This market makes it impossible for younger generation to have a chance.