Millennials' Financial Progress: A Story of Resilience - Business Insider

The Financial Upswing: The average American millennial, now past the age of 40, is faring better financially than they were five years ago. Despite the lingering effects of the Great Recession, high housing and childcare costs, and staggering student-loan debt, millennials have managed to grow their wealth. The typical US millennial earns between $52,000 and $62,000 a year, with the median income for millennials aged 35 to 44 rising from $66,693 in 2014 to $90,312 in 2021.

Net Worth and Debt: The average net worth of American millennials has more than doubled from the first quarter of 2020 to $127,793 as of the first quarter of 2022. However, almost half of millennials are burdened with student-loan debt, averaging $40,614. The Biden administration’s plan to cancel up to $20,000 of federal student debt could provide some relief, pending a Supreme Court decision.

Homeownership: Over half of millennials have now managed to buy a home, marking a significant life milestone. This achievement, coupled with higher salaries, has allowed many millennials to grow their wealth despite the financial hurdles they face.

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