Many millennials do not feel financially stable enough to start families as statistics show that the U.S. median income for people aged 25 to 34 is the same as it was in 1977, according to 2016 data.
Current median income for people in the U.S. in that age bracket is $34,000 a year, according to the Census Bureau. Adjusted for inflation, that is the same median income for people aged 25 to 34 as in 1977, when many baby boomers were the same age as the millennial generation, according to Axios.
Meanwhile, the price of higher education and other factors have majorly increased for young adults in the U.S., reported Axios. (RELATED: How Politicians Lead Lives Of Luxury Thanks To Donors’ Leadership PAC Dollars)
How life has changed for those aged 25-34
— Peter W. Singer (@peterwsinger) July 23, 2018
Statistics comparing finances for young adults in 1977 versus in 2016 cited by Axios include:
- The tuition for four years of education at a public university rose from approximately $8,000 to $20,070.
- Median debt rose from approximately $10,000 to approximately $33,000.
- The percentage of people attending four-year college rose from 24 to 37 percent.
- The percentage of people who had never been married rose from 20 to 53 percent.
- The percentage of homeowners fell from 48 to 39 percent.
These trends could be pushing millennials to put off getting married and having children, which could have an impact on overall economic growth.
For example, the fertility rate when baby boomers were in their 20s was 2.48, compared with today’s number of 1.76. Most young adults say they want fewer kids because of how expensive childcare is, reported Axios.
The number of 30-year-olds who earn more than their parents did at the same age has fallen, too. Ninety-two percent of 30-year-olds earned more than their parents at the same age in 1970. Only half of 30-year-olds met that description in 2014, reported Axios.
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