“Millennials’ housing wealth grew $2.5 trillion, after accounting for the additional mortgage debt they took on. A colossal jump in home prices benefited owners, whether they scraped together a down payment in the early 2010s or squeaked in just before the recent leap in prices and rates,” the Journal wrote.
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While retirement is not a primary concern for some, many millennials have been putting away significantly more money and aggressively investing in their future as their income grows.
According to Fidelity, millennials reportedly had an average 401(k) account balance of $59,800 in the first quarter of 2024, compared with $27,600 in 2019.
