How have Millennial households generated their comparatively high earnings? At least two factors related to women in households headed by Millennials are buttressing their income. (Members of the Silent Generation are currently ages 73 to 90, but the income of households in this age group cannot be accurately estimated.) The typical income of a household headed by a Generation Xer was $85,800, approximating the peak for this age group in 2000 ($86,200). That is a higher figure than for nearly every other year on record, apart from around 2000, when households headed by people ages 22 to 37 earned about the same amount – $67,600 in inflation-adjusted dollars. (A recent study by the Federal Reserve, which also looked at Millennials’ income, used a different methodology and data source.)Īmong Baby Boomers, the typical household income was $77,600 in 2017, outpacing the previous record for households in the 54-to-72 age group ($75,800 in 2007). The median adjusted income in a household headed by a Millennial was $69,000 in 2017. Incomes of households headed by 54- to 72-year-olds, Baby Boomers today, are at record levels, while those of current Generation X households (ages 38 to 53) are about the same as the peak earnings of similarly aged households in the past. The growth in household incomes among young adults has been driven in part by Millennial women, who are working more – and being paid more – than young women were in previous years. After bottoming out in 2011, incomes are rising for American households – and those headed by a Millennial (someone age 22 to 37) now earn more than young adult households did at nearly any time in the past 50 years, according to a Pew Research Center analysis of new census data.
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