The Federal Reserve Says Millennials Are Broke. Pew Says Millennials Are Loaded. Which Is It?

On Tuesday, a Pew Research Center analysis of census data revealed a counterintuitive piece of good news about millennials: Relatively speaking, we’re in the money.

According to Pew, households headed by Americans ages 22 to 37 earn more, adjusted for inflation, than young households at any time in the last 50 years.

Avocado toasts all around!

The median adjusted income for millennial households last year was $69,000, according to Pew, putting 2017 narrowly ahead of 2000 as the best recorded year of household income for young people.

But wait: Didn’t the Federal Reserve Board just report last week that, as my colleague Jordan Weissmann put it, “millennials are, in fact, the brokest generation”? (Yes, they did.) So what’s going on here?



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