For Millennials, the cost of major life milestones keeps rising, and staying out of reach.From buying a house to attending college to going on vacation, major financial decisions are far, far more expensive for Millennials than they were 50 years ago. For example, the median cost of a house in 1972 was $27K, and adjusted for inflation that’s around $190K, but the median cost of homes in 2022 is $440K. In addition, wages have “stagnated” since the 1970s. So, while the generation has gotten plenty of flack for delaying major milestones, the reality is that “when [B]aby [B]oomers were moving out of their parents homes, they were paying less and making more money.” The high costs of these once taken-for-granted steps mean that young people will continue to delay having families and buying houses. (Marketplace)
