Millennials aren’t buying homes as often as other generations. Compared to baby boomers and gen Xers at the same age, millennials purchase homes 8 percent less often.
Millennials are redefining their lifestyles and values — and they’re getting a lot of criticism for it. They’re marrying later, taking on pets instead of children, and living with their parents longer. Some believe this is because the internet generation is too preoccupied with frivolous things, forgoing a savings account for a new iPhone and excessive brunches.
Yet the comparison to other generations isn’t exactly fair. 40 percent of millennials hold a college degree, making them one of the best-educated generations, and the most burdened by debt. The median college graduate takes $21,096 in debt, and they aren’t paying it off quickly once they graduate. Compared to wages, housing costs have risen exponentially. According to the National Association of Realtors, over the last six years, housing prices have increased 47 percent, while wages have only increased by 16 percent.
Millennials may enjoy purchasing mimosas and catios more than previous generations, but it’s clear that they aren’t entirely to blame for delaying life’s milestones. We wanted to see just exactly how many avocado toasts you’d really need to cut to buy a house to prove that millennials’ fun financial choices aren’t actually driving their financial woes.