Economic mobility — doing better financially than the situation one is born into — is supposed to be a hallmark of the American experience. The Great Recession is just one reason many born in the 1980s are less likely to be outperforming their parents at this age than previous generations.
The cultural expectation to attend a four-year college in the early 2000s left many graduates overqualified, underpaid and saddled with student loan debt. Adjusted for inflation, millennials on average paid triple what their parents did for a four-year degree.
And since 1987, rent has tripled and the average cost of a house is five times higher. That, plus enormous child-care bills relative to what previous generations were paying, eat away at any wage gains.
"Your money doesn't go as far," Jones said. "There are advantages we have they didn't have, of course. But my parents had two kids in their mid-30s. I can't imagine that right now."
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