US household incomes rise to a low level from 2011 and are rising as women earn slightly more. An analysis of the latest census data from the Pew Research Center also shows that households earned $ 69,000 over the millennia last year, more than households between the ages of 22 and 37 over the past 50 years.
The nearest group was Gen X in 2000, when they were in this age group, the analysis found. That was about the time the dot com bubble appeared. Gen X-led households contributed nearly as much in that year as today's millennials, an inflation-adjusted $ 67,600.
"At least at this point in the economic cycle, households led by Millennials do better than nearly every group of 22- to 37-year-old households, as far as we can understand, with the possible exception of 2000, "said Richard Fry of the Pew Research Center, CBS MoneyWatch said.
So what's driving up the climb? First and foremost, young women earn more and work more than their peers in other generations.
Last year, 78 percent of Millennial household women worked at least 50 weeks in 2000, compared to 72 percent of Generation X in the same age group. And women who worked full-time year-round had a median of $ 39,000 compared to $ 37,100 in 2000. While that may not seem like much, it is enough to give the millennium budgets a slight historical edge.
However, Millennials' higher income does not necessarily mean a better standard of living, Fry noted. You may earn more money than ever before, but the money will not go that far.
Indeed, millennials have a lower income than their parents, according to a recent Federal Reserve study that uses other metrics. This is due to expenses such as student debt and higher home prices.
Other groups see households' increased total inflation-adjusted income compared to their age group in other generations. Baby boomers earned $ 77,600 last year, surpassing the previous record of $ 75,800 for the 54-72 year old.
For Gen Xers, typical income was $ 85,800 per household, near the peak of $ 86,200 for the same age group at that time. Pew noted that the income level for the silent generation, now 73-90 years old, could not be accurately estimated.