Young People Are Richer Than Boomers Were

Despite viral claims, a typical 25-year-old Gen Zer has annual household income that's 50 percent above Baby Boomers'.

Have you heard how young people suffer now?

Scroll TikTok, Instagram, etc., you see the same message: "Young people today can't get ahead!"

One popular meme says when baby boomers like me were young, "A family could own a home, a car, and send their kids to college, all on one income."

"That's a fantasy," says economist Norbert Michel. "We are much better off than we were."

My new video takes the meme's claims one by one, starting with "a family could own a home."

On social media, many young people say things like, "Most people don't live in houses because it's too expensive."

Yes, homes cost more now, but census data show more Americans own their homes now than when I was a kid.

And today's homes are much bigger and twice as likely to have central air, dishwashers, garbage disposals, etc.

We want more now.

Also, young people can afford more now.

Today, Americans actually spend a smaller percentage of our money on food, clothing, and housing than we used to, according to Bureau of Labor Statistics survey data.

"We have a lot more things and we don't have to work as hard to get them," says Michel. "Now it's the norm to go out for dinner."

When I was young, few people did that.

Few people flew places for vacation. They didn't have the money, and flying cost much more. Adjusted for inflation, a cross-country flight cost $1,000. Now it's about $300.

"People did not just go on vacation," says Michel, "did not fly all across the country."

But the popular narrative circulates.

It's part of progressives' campaign for socialism. They tell young people: Not only does capitalism foster greed, inequality, etc., but it doesn't even deliver the goods.

Columbia Business School Professor Jeremy Ney tells me, "The game changed on the younger generations. Hard work alone is not enough because the deck is stacked against so many folks."

"The idea that nobody had to work hard, that everybody had job security," replies Michel, "is absolutely ridiculous. My dad would've laughed at that and should have. Income is definitely higher, jobs are more plentiful, opportunities are more plentiful."

They sure are. Unemployment today is 4.3 percent. It was almost twice that when I was young.

Gen Z, overall, is doing better than young people once did. A typical 25-year-old Gen Zer has annual household income that's 50 percent above Baby Boomers'.

On to the meme's claim that when I was young, "a family could afford to send their kids to college."

Well, yes, some could, because college was much cheaper then. Tuition in 1963 averaged $10,542 (adjusted for inflation) versus $39,307 now.

Even so, "Most people didn't go to college," says Michel. "Roughly half of the labor force didn't even finish high school."

Finally, yes, it's true—a family could own a car. But it wasn't anything like today's cars. It wasn't as safe or comfortable, and it broke down sooner. Today's cars last more than twice as long as cars did then.

Why do people spread misinformation about today's generations being worse off when they're clearly so much better off?

"Politically, it sells," says Michel. "It makes it really easy for a politician to say, 'I'm going to fix it.'"

Maybe that's why President Donald Trump campaigned saying, "We don't have a great country anymore! We're going back to the old days."

"We always have a tendency to believe in the things that are wrong and that are bad," says Michel. "That's unfortunate, because overall most people have been doing much, much better."

That internet meme should really say:

"Once upon a time, a family who rarely ate out, or flew anywhere, could afford a smaller home, a lousy car, and they didn't send their kids to college. All on one income."

COPYRIGHT 2025 BY JFS PRODUCTIONS INC.

Comments

[Chumby]

When they were young, Boomers couldn’t afford to lop off their nuts and invert their penises like Millennials can these days. Look at Bruce Jenner, he had to save up over many years before he could transition.

[Eeyore]

Nobody wants to have to wait until they are 60 to lose their nuts.

[Weigel's Cock Ring]

I wonder how much one of those old boxes of Wheaties would be worth today if it was sealed and intact.

[Chumby]

Gem mint 10 box of Raisin Tran.

[Don't look at me! ( Is the war over yet?)]

Cheerino nuts.

[Chumby]

Count Chopula

[Homer Thompson]

usually agree with stossel but the median price of a car, college education and house have gone up considerably more than 50%

[VinniUSMC]

That doesn't dispute anything Stossel wrote. He also wrote about the increased cost of cars and college "education". So... try harder.

[Mickey Rat]

It does though, as that really affects whether or not they are "richer". If things like houses or cars are not obtainable.

[Zeb]

And those things are all driven by shortsighted government policy. People are richer, but some stuff costs more.

[mad.casual]

And those things are all driven by shortsighted government policy.

And also not "necessities" or "essential liberties" as much as contemporary fashion plates conflating needs and wants. As far as libertarians are concerned, the price of invisible pink unicorns going up or down is immaterial.

As opposed to owning property, having a place to dwell, and/or profiting off of one's own labor and/or tools, most people didn't buy new cars, let alone lease them, and nobody should've ever been owed or owe anything strictly or simply for possessing a sheepskin.

[Neutral not Neutered]

Sadly much of the increases in cost are due to over regulation and of course people wanting all the bells and whistles of todays technology.

Gladly the EV subsidies and attempted forced removal of ICE vehicles has ended. Now it's a matter of businesses reducing the prices of their goods with the reduction of overhead and taxes to consumers. Not sure this will happen though.

[EdG]

Adjusted for inflation to 2020s dollars, a new car that cost $2,600 in 1960 would cost approximately $22,838. But that's only half the story. Cars as defined in 1960 barely exist anymore. Sedans and coupes have been largely replaced by humongous pickup trucks and SUVs. It shouldn't surprise anyone they cost more.

[EdG]

And the median prices of television sets, stereos, household appliances, clothing, and many other consumer goods have gone DOWN considerably more than 50%.

[Gasman]

While the median inflation adjusted price is up, the value is also way up.
My first care was a '69 LeMans, bought used from family, and at 8 years old and 80k miles was on it's last legs, rust through on every panel, belched smoke, handled terribly, got 12 mpg, and a quart of oil added every 1000 miles, and a steel dashboard waiting for a face plant.
Flash forward to modern cars, even my 20 year old G35 with 200k miles has never been in the shop, has no rust, gets 30mpg, never added oil between changes, handles great, and has a bunch of air bags in case I ever need them.
So it did cost more inflation adjusted, but the value (cost per mile, comfort, safety) is vastly superior.
So costs 50% more, but 100% better. There's more to price than price alone.

[CE]

Yeah, people in general are way better off than 50 years ago, but the runaway inflation of the past 10 years has hit young people the hardest, putting house prices out of reach for many and making day-to-day expenses take up a bigger share of income.

[Doug Heffernan]

Oh good. If the youngins are so flush with wealth, then it is less unfair that they support the old age healthcare and social security programs that benefit the geriatric demographic. When today's young become geriatric, then the young of that time will probably be even wealthier so they can do the same and pay it forward.

[Uncle Jay]

"Despite viral claims, a typical 25-year-old Gen Zer has annual household income that's 50 percent above Baby Boomers'."

...and yet these Gen Zers belive socialism is a good idea...until The State takes almost all their money from their bloated trust funds.

[TJJ2000]

Yes. Commie-Education costs too much. Commie-Housing costs too much. Commie-EV-Transportation costs too much. Commie-Healthcare costs too much. Commie-Security for Socialists costs too much.

And what do all those have in common? 'Central Planning' in D.C. where the average income is FIVE-TIMES more than any other state in the union and produces absolutely NOTHING to speak of.

But watch as progressives literally double-down on their STUPID mistakes by pretending MORE-GUNS against those 'icky' people will somehow make more ?free? sh*t instead of causing prices to soar while supplies try to keep from going broke from all the legalized THEFT.

'Guns' don't make sh*t. They make cry-baby endless lazy-excuses of self-entitlement to commit more crimes against their fellow man. Demand-side ONLY economics is a dead-end game.

[Get To Da Chippah]

I bought a new Ford Ranger Lariat in September for about nine times what my parents paid for a brand new Ford LTD II in 1978. Not counting things that only a truck would have vs a car, there's a long list of features my new truck has that were science fiction in 1978. A slew of cameras on all sides of the vehicle, touchscreen infotainment (which wasn't even a word in 1978) system, sensors all over the place, various driver assistance features (lane-keeping assist, parking assist, blind spot monitoring, etc.) Anti-lock disc brakes all around on the new one vs. disc brakes up front and drums in the rear in 1978. No airbags in 1978, no tilt or telescoping steering wheel, no power adjustable seats, no power windows and mirrors.

The '78 had a naturally aspirated 5.0 liter V8 that made a whopping 173 hp stock, mated to a 3 speed automatic transmission. My truck has a 2.7 liter twin turbo V6 that makes 315hp mated to a 10-speed automatic transmission. MPG on my truck is probably close to twice what the LTD 2 got.

Cars cost more today because you get a lot more (much of that due to regulations.)

[Chumby]

Do you recall how many miles that 5-liter V8 had before it gave up the ghost?

[Zeb]

Problem is, I want very little of that stuff and it's getting harder and harder to find a car without it. Brakes are good as are more efficient engines (if they are comparably or more durable). Other than that, no thanks. Basic pickup trucks used to be some of the cheapest vehicles you could buy. Now they are mostly loaded up luxury monstrosities. And you can't even find a regular 2-seat cab anymore in most models.

[Don't look at me! ( Is the war over yet?)]

Buy a restomod.

[Red Rocks White Privilege]

I've mentioned before that the disconnect here is that stuff considered to be luxuries 40 years ago has gotten relatively cheap, while the things considered basic living requirements--transportation and housing in particular--have gotten incredibly expensive. That's why you see so many people in crushing debt continue to doom spend. Watch a Caleb Hammer or Zac Rios video sometime and be amazed at the financial decisions people make. On top of that, the quality of those things has gone over a fucking cliff. Clapboard "luxury" homes put together by illegals who were handed a nail gun by the developer's foreman, and cars that are basically iPads with a vehicle built around them, but end up turning to shit within 50,000 miles.

The cost of college tuition is a legitimate complaint because it's grown WAY above the rate of inflation over the last 40 years. That's mostly tied to administrative bloat and the growth of activist and otherwise useless majors in the same time period that don't actually provide a viable career path other than the NGO/college administration circuit. The evolution of the job market into something that requires more specialization hasn't helped in that regard, either--50 years ago, it wasn't all that uncommon for someone with an English degree to get a corporate job in marketing, for example. But ultimately, colleges have undermined their value by sticking to an outdated educational model that requires general ed courses that most people really don't need past high school, while democratizing attendance and emphasizing idpol traits over academic excellence.

Anyway, a reversion back to an older economic model where the basics are affordable again, while luxuries and shit you don't really need require budgeting and planning to purchase would mitigate a lot of the economic insecurity we see now.

[CE]

Everyone complains they are broke and repeats the supposed fact that middle class incomes are down compared to 50 years ago, as they take international vacations, fly everywhere on a whim, and watch a 55 inch flat panel TV and drop a few hundred bucks to go to a concert or sporting event.