Millennials Under Pressure
The Lawhead Team would like to share the latest One Cool Thing from the C.A.R. about the pressures Millennials face in today’s real estate and job market.
Boomers bought homes and raised families during more optimistic times when there was a big middle class and healthier job market. Millennials have faced a real-estate market bust, overwhelming college debt, and delayed career starts – impacting earning potential and leaving unique financial pressures on the largest generation in history.
The cost of purchasing a house has increased
- $174,065 – median home price in 1982*
- $213,800 – median home price today
Median household incomes have decreased
- $57,530 – median household income in 1982*
- $53,482 – median household income today
Many more households are struggling with students loans
- 1989 – 16% of young households had outstanding student loans
- 2010 – 37% of young households had outstanding student loans
$245,340 – Cost of raising a child from birth to age 18
Source: The Futures Company, 2016
*adjusted for inflation