Millennials Making Six Figures Still Feeling Broke; 10 Cities Where Millennials Are Actually Owning Homes; and Why Millennials Don’t Actually Like the Term ‘Millennial’.
Millennials Making Six Figures Still Feeling Broke
Back in October, Melkorka Licea made a report about “Henrys” for the New York Post. In the article, she explained that the acronym stood for “high earner, not rich yet.” This acronym was invented by Shawn Tully in 2003, and it has quickly become a term used to describe millennials who earn six-figures but still struggle to get by. A typical Henry earns more than $100,000, according to experts, and is in their early 30s. Unfortunately, they have trouble trying to balance both their spending and savings habits, which results in them being behind in wealth-building and unable to meet their financial goals. The biggest culprit? Living above their means and falling victim to “lifestyle creep,” which is when someone’s standard of living improves while their finances fail to support it.10 Cities Where Millennials Are Actually Owning Homes
While becoming a homeowner can feel out of reach for many Millennials, who are defined as being between 24 and 39 years of age, 33.7% of people under the age have been able to make their dream of buying a home actually happen. So, where are these Millennials buying their homes? Here are the top 10 cities, according to SmartAsset:- Gilbert, AZ
- Peoria, AZ
- Cape Coral, FL
- Sioux Falls, SD (TIE)
- Palmdale, CA (TIE)
- Moreno Valley, CA
- Garden Grove, CA
- Anchorage, AK
- Midland, TX
- Hayward, CA