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Gen X bought most of the houses, but the debts brought their American dream – Axios



When Generation X was the Millennial Age, they had much more financial assets – even more than the Boomer generation before them, according to a new Federal Reserve Bank report.

If a generation could be described as "eligible," it could have been Gen Xer – it would not have been the usually great guilt that would ultimately have crushed their chances of prosperity.

  • The economic environment in the years immediately preceding the financial collapse made it easy for young adults – Generation X members, born from 1965 to 1980 – to buy homes, cars and other real estate and invest in equities.
  • But if you subtract Gen Xer's average debt, mainly the easy-to-obtain mortgages, they were not much better off than the young boomers ahead of them, says Bill Emmons, Deputy Vice President of the Federal Reserve in St. Louis Axios ,

According to the figures: More than half of Gen Xers owned houses between the ages of 21 and 36, today around the age of millennials. Only 33.9% of the same age group in 2016 owned houses, the Fed said.

  • Young Gen Xers had 28% more stock than Millennials or Boomers at that age, compared to 15% and 14%, respectively.
  • Millennials lacked the same financial means to buy houses as Generation X. at their age, and "as house prices rose, they could not make money this way," said Lowell Rickets of St Louis Fed Center of Household Financial Stability.
  • But even with the debt crisis of the students the average and average indebtedness of the millennia is lower than that of the generation before them when they were the same age, the report says.

Bottom line: With the financial crash, the investments made by Gen Xers at a young age did not really pay off, Emmons said, and ultimately put it in a worse position.

Millennials may not carry the same risk as Gen Xers, but they still struggle to accumulate wealth, partly due to student debt.


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