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How much does a millennial earn annually?
Based on the most recent U.S. Census Bureau data, the average salary for a millennial is $47,034 a year, or $905 a week.
In 2017, the average income for homes led by millennials was around $69,000, according to Pew Research. This is a higher figure compared to every other year on record, barring the year 2000 due to inflation.
Millennials are a generation that has often been characterized by their struggles with economic instability, student debt, and a changing job market. With all of these challenges, many people wonder how much money millennials actually make. In this post, we'll explore the latest data on millennial income and provide insights into what factors affect their earnings.
According to recent data from the U.S. Bureau of Labor Statistics, the median weekly earnings for workers aged 25-34 was $912 in the third quarter of 2021. This translates to an annual income of around $47,424. However, it's important to note that this is just a median value, which means that half of all millennial workers earn more and half earn less.
When broken down by gender, the data shows that millennial men earn more than women on average. In Q3 2021, the median weekly earnings for men in the 25-34 age group was $986, while women earned $820. This means that women earned only 83 cents for every dollar earned by men, highlighting the gender pay gap that continues to persist in many industries.
There are many factors that can influence how much a millennial earns, including education level, job sector, and location. Here are some key trends to consider:
Education Level: Generally speaking, millennials with higher levels of education tend to earn more than those with only a high school diploma. For example, the median weekly earnings for a worker aged 25-34 with a bachelor's degree was $1,210 in Q3 2021, compared to just $746 for someone with only a high school diploma.
Job Sector: The job sector that millennial works in can also play a significant role in their earning potential. According to data from the National Center for Education Statistics, some of the highest-paying occupations for young adults include computer and information systems managers, software developers, and financial managers.
Location: Where millennial life can also impact their income, as some areas of the country have a higher cost of living than others. For example, according to data from the Bureau of Economic Analysis, the highest average wages are found in states like Massachusetts, California, and New York, while the lowest are in states like Mississippi, Arkansas, and West Virginia.
While there is no single answer to the question of how much a millennial earns annually, the data suggests that the median income for workers aged 25-34 is around $47,424 per year. However, this figure can vary widely depending on factors like education level, job sector, and location. Despite the challenges that many millennials face, there are still opportunities to earn a good living and build a successful career.