By Jill Filipovic via New America
Excerpted from Ok Boomer, Let’s Talk, published by One Signal/Atria Books, a division of Simon & Schuster.
It’s hard out there for a Millennial. Our earnings took a huge hit as a result of the Great Recession of 2008, from which we may never recover. Younger Millennials were at the dawn of their working lives and older Millennials were entering our prime earning years when we were slammed again, this time by a pandemic that plunged the economy into a recession that many fear could rival the Great Depression. Now, with massive unemployment projected to dog workers for years, there’s evidence that Millennials, and particularly Black and Hispanic Millennials, will bear the brunt of the 2020 economic crisis.
One of the reasons Millennials are so broke is that we are much less likely than our Boomer parents or Gen X siblings or even our Silent Generation grandparents to own our own homes – and we don’t own our own homes because we’re broke. Close to half of Boomers were homeowners by age 34; today, 75 percent are. By contrast, only 37 percent of Millennials owned a home by age 34. Today, only 32 percent of us are homeowners.
Posted on August 24, 2020