Young adult households are earning more than most older Americans did at the same age
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Millennial households’ median adjusted income was $69,000 in 2017, surpassing most older Americans at the same age. However, Fed analysis shows lower real income due to the Great Recession & increased female labor force participation.
Okay, we have some recent stuff on this from Pew, the Federal Reserve and Ernie. Pew's looked at household incomes in December of last year and found each new generation seems to be doing better than prior ones at most ages, at least in real household money income. "....The median adjusted income in a household headed by a Millennial was $69,000 in 2017. 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.)..."
For context the Fed used laborearningsand found lower real income then their comps (say baby boomers @ the same point during the life cycle) "... In the economic sphere, millennials appear to have paid a price for coming of age during the Great Recession: Millennials tend to have lower income than members of earlier generations at comparable ages, although the income of young households has not changed much; the difference likely reflects, in part, the rising labor force participation of women....."...Specifically, the real average full-time labor earnings of a millennial male household head in 2014 were about the same as those for a comparable male Generation X household head in 1998 and over 10 percent lower than those fora comparable male baby boomer household head in 1978...."
