Older Millennials are closing “the wealth gap” with Boomers as they buy homes and save more. 

Older Millennials are closing “the wealth gap” with Boomers as they buy homes and save more. According to the Federal Reserve Bank of St. Louis, Americans in their thirties are starting to “bridge the wealth gap” with previous generations despite Black Millennials “lag[ging] far behind.” Experts were concerned that student debt and the effects of the financial crisis would render Millennials a “lost generation” that would never build wealth in the same way as their parents or grandparents did, but prospects look “much brighter” for some. The data shows that in 2019, the net worth of homes led by those born in the ‘80s “was about 11% below where researchers expected it to be based on older Americans’ wealth at the same age”—a “huge improvement” from the 40% gap in 2016. Homes led by those born in the ‘90s were 50% below expectations in 2019, suggesting that patterns of establishing wealth may have “permanently shifted.” YPulse found that saving money and increasing their savings was a top financial goal for young people, while our Life Plans, Rewritten trend research found more Millennials have been buying homes in the last year. (WSJ)