And it'll make you worry -- unless you see the writing on the wall, which is all about the education -- and the fueling for a growing real estate economy ripe for new construction and affordable housing. Here's why:
A Study Now Shows That Millennials Today Are Currently Worth $10,090. That's 56% Less Than the Baby Boomers of Yesterday.
Shocking, right? Even the Gen-X'ers did somewhat better than millennials, which is disheartening for the simple reason that each new generation tends to do somewhat better than the previous. This is not the case for millennials, unfortunately, despite many of them having the better educational background.
Take this little bit of metrics from the same study: millennials earn an average household income of $40,581 -- that's 20% less than baby boomers at the exact same age. Quite the divide.
So What's the Cause? Lack of Those Young Home Buyers on the Market: That's Why
You can't blame them, of course. These are difficult times, the challenges growing in finding the best possible homes on the market, or even the highest paying jobs. Case in point, here's a story for you:
Meet Andrea Ledesma. She's 28. Educated lady. But her parents? At that same age, her parents were already owning a house and raising kids. You'd expect Andrea to be in the same situation (you're wrong)....
Andrea actually graduated from college four years ago. However, she earns a paltry $18K making pizza at the Classic Slice in Milwaukee, Wisconsin. She also shares a 2-bedroom apartment with her boyfriend, saddled with $33K in student debt from the degree she currently can't find a real career out of. No mortgage. No kids. That's a drastic difference in generational wealth and the state of society!
The scary thing is that her own mother, Cheryl Romanowski, now 55 years old, was making just $10K a year working at a bank without a college education. Adjust for inflation at today's level, and that income would be roughly $19.5K. Again, I repeat: without even having a degree.
Something just isn't adding up.
However, Take Note of This Important Fact: the Reason Why Millennials Have It so Hard Is That They're Not Given the PROPER RESOURCES THEY NEED
They need access to the best possible homes. Rent-to-own homes. Financial services. The best jobs available. New innovations in careers for the new age. The study did have that one silver lining: education does help boost those incomes. But when they face challenges in finding adequate housing to avoid shelling out bloated rent payments, and lackluster positions in subpar verticals not meant for the educated millennial.... The boost is too far and few between.
Even worse is this: those baby boomers will be affected just as badly! Indirectly, though. As millennials suffer with decreasing payroll taxes to finance social security and medicare benefits, baby boomers at their senior citizen status end up suffering just as much. So here's the bottom line:
We Need to Focus on the Millennial THAT MUCH MORE
And again, I repeat: we do that by offering as many services as possible to ensure they make it just as much as the prior generation did. It shouldn't have to be too hard for them. After all, millennials today are even more educated than baby boomers were back then. They deserve everything from more higher education assistance -- to better job resources, and more access to home ownership opportunities.
More now than ever, it's all about the millennials.
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