Millennials are having less babies, economy could be in trouble
What happens when fewer young people are buying homes and cars? Well, many millennials ARE waiting to get married and start a family.
Why does this matter? Well, for one, there could be a potential slowdown of the economy down the line if young people delay having families. After all, new families are the main drivers of the economy when it comes to the housing and car market.
GDP is a measurement of the value of goods and services in a nation. A nation needs a new flow of workers and babies to replace the outgoing ones in order to generate GDP growth.
The median net worth of people 25-35 years of age was around $18,200 in 2016. Compare that to $31,273 back in 1995. It's no surprise that most millennials are living paycheck to paycheck. Despite the economic loop hovering around, millennials are finding creative ways to make extra money in order to make ends meet across different states.
Some believe that student loans are the main reason causing young people to hold off on their plans. Having a big student debt can make it challenging for young people to buy a house or get good rates on loans.