The vast majority of other Millennials are mired in debt and unable to purchase homes.
Most young Americans are still living in an economy that feels like it is in a recession. Yet there are Millennials that are doing well and are thriving in this economy. How are they escaping mountains of student debt? How are they gaining access to down payments to purchase more expensive homes? The short answer is that they have rich parents. This isn’t some Trumpism. This is merely facts that are coming out of research from the Fed, Census, and Zillow. For the vast majority of young Americans the last decade has been one of low wage labor and a market mired with very expensive colleges. Despite the disappearing middle class many of those Millennials that are thriving are doing so thanks to familial wealth transfers. We tend to romanticize the “self-made” person in the United States but it is increasingly becoming more difficult. More wealth is accumulated in fewer hands and it is staying there.
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