Page 3 - Millennial Wealth News Today

Millennials are having buyer's remorse for financial reasons, citing hidden homeownership costs and overpaying for a house as reason for their regret.

Consumer spending accounts for 70% of the American economy, and half of that is from the top 10% of American households, per estimates from Goldman Sachs and Deutsche Bank, respectively. That means about one-third of US GDP comes from spending by the top 10%. Higher-income households are "key to driving the recovery in consumption," as UBS strategist Keith Parker wrote in a March note. Those earning over $80,000 annually expect to increase their spending more than low- and middle-income earners...

Sarah Stier/Getty Images They associate wealth with success and happiness, compared to boomers view of it as independence. Millennials are also most likely to say the pandemic altered how they plan to use their wealth. Wealth no longer means what it used to for high-net-worth millennials. The pandemic has caused the wealthy to alter their lifestyles and reassess their priorities, changing how they perceive wealth in the process, a new report by Boston Private found...

First 2020 brought a housing boom, and now 2021 is bringing a home-renovation boom. First-time buyers are more likely to buy fixer-uppers but older homeowners are the ones really spending on DIY. Its yet another chapter in generational inequality, and another way homeownership is less affordable for millennials. The other side of the housing boom is here: home-renovation projects. As Americans were left with more time on their hands and more time in their houses, they began fulfilling their wil...

At least, through stock and bond investments. The generation can expect average annual real returns of just 2% on their investment portfolios, according to Credit Suisses global investment returns yearbook. Thats a third less than the 5%-plus real returns that millennials, Gen X, and baby boomers have seen. Credit Suisses analysis took in average investment returns since 1900 and forecasted them going forward for Gen Z.  That difference sounds slim in the short-term, but looks a lot larger i...

Jared Siskin/Getty Images White older millennials have a median wealth of $88,000, compared to $5,000 for Black older millennials. One reason for this divide may be that Black millennials have a heavier student debt burden. Older millennials born in the 1980s are making a wealth comeback, but theres a vast racial wealth gap lurking underneath this progress. In 2016, older millennials wealth levels were 34% below older generations at similar ages, per a 2018 study b...

Millennials are defined by the Great Recession and coronavirus pandemic, similar to a past generation defined by the Spanish Flu and Great Depression.

Westend61/Getty Images Millennial New Yorkers are piling into luxury apartments amid plunging rents and concessions. Theyre upgrading their living situation in pursuit of more amenities, space, and the solo life. As of January, rents were down 15.5% in Manhattan and 8.6% in both Brooklyn and Queens, per StreetEasy.  $3,200. $3,000. $2,900. Over the past several months, Brett Vergara had been watching rent fall like dominoes for apartments at The Brooklyner, a resi...

Visionhaus/Getty Images Millennials arent killing the American Dream. Theyre reviving it. John Truslow Adams defined the American Dream as a better life for all, but consumerism got involved in a big way after World War II. Millennials are bringing back its true meaning, whether they seek a life of suburbia or an alternative path. A college-educated couple, mortgaged house with a white picket fence, 2.5 kids, and a dog: Its the American Dream, and millennials are "...

Luminar This story is available exclusively to Insider subscribers. Become an Insider and start reading now. Luminar CEO Austin Russell is the youngest self-made billionaire after taking his company public via a special-purpose acquisition company merger last month. Its a Silicon Valley tale: Russell has built inventions since his childhood and dropped out of Stanford when he got the Thiel Fellowship to work on Luminar. He disrup...