8 things Boomers could afford at 25 that no one under 40 today will ever be able to buy

I’ll be honest with you: sometimes I catch myself sounding like one of those “back in my day” folks, and I try to stop myself. But when it comes to what my generation could afford in our twenties compared to what young people face today, the numbers don’t lie.

1) A house on a single income

When I bought my first home at 26, I was making an average salary in a mid-level insurance job. My wife wasn’t working yet, and we still managed to scrape together a down payment and qualify for a mortgage.

Today? That’s practically a fairy tale.

Around 45% of baby boomers bought their first home between ages 25 and 34, while only 37% of millennials in that same age range are homeowners. And it gets worse. The typical age of first-time home buyers has climbed to an all-time high of 40 years.

When my generation entered the housing market, a typical home cost about 5.6 times our annual income. For millennials, that number jumped to 6.4 years’ worth of income. We’re talking about a 14% increase in housing costs relative to what people earn.

The dream of homeownership hasn’t disappeared, but it’s been pushed back by 15 years for most young people.

2) College without drowning in debt

I remember working summers at a hardware store to help pay for my state college tuition. It wasn’t easy, but it was doable.

Let’s talk numbers. Baby boomers earning minimum wage could pay back public college tuition by working just 1,410 hours. Millennials earning minimum wage need 3,398 working hours. That’s more than double the work for the same degree.

Between 1982 and 2010, the cost of an undergraduate degree soared by 421%, while wages only increased by 116%. Do the math, and you’ll see why Gen Z and millennials are roughly three times as likely to take out more than $50,000 in student loans compared to my generation.

I didn’t graduate debt-free, but my loans were paid off within a few years. Today’s graduates are looking at decades of payments.

3) A guaranteed pension instead of hoping your 401(k) doesn’t tank

Here’s something that keeps me up at night when I think about younger folks: the disappearance of pension plans.

When I started my career, 84% of full-time workers at large companies participated in a pension plan. By 2020, that dropped to only 28%. What replaced them? 401(k)s, where your retirement security depends on stock market performance and your ability to save enough.

I’ve mentioned this before, but retirement planning has become exponentially more complex and risky. My generation could work for one company for 30 years and know exactly what we’d have in retirement. Today’s workers are navigating a system that puts all the risk on their shoulders.

Gen X and the youngest boomers became the “401(k) experiment” generation, and it hasn’t gone well for many of them either.

4) Healthcare that didn’t require a second mortgage

I’m grateful that I came of age before healthcare costs spiraled completely out of control.

The difference is staggering. 74% of millennials and 56% of Gen Z patients have canceled healthcare appointments after receiving cost estimates higher than they could afford, compared to just 13% of baby boomers.

When I was 25, a trip to the doctor didn’t involve calculating whether I could afford the co-pay or deciding between medical care and groceries. For younger generations, millennials paid an average of $619 in out-of-pocket healthcare expenses compared to the average of $363 across all age groups.

The ACA helped in some ways, but the fundamental affordability crisis in healthcare has only gotten worse for those starting their careers.

5) A reliable new car without a seven-year loan

My first new car was a modest sedan that I saved up for and paid off in three years. The monthly payment was manageable on my salary.

Baby boomers control 70% of the nation’s wealth and buy 62.3% of all new vehicles, while only 11.5% of all new vehicles are registered to millennials. Why? Because they simply can’t afford them.

The sticker price tells part of the story, but the real kicker is that many young people now need seven-year loans just to afford a basic vehicle. When your car payment stretches nearly as long as a bachelor’s degree, something has gone wrong.

And here’s a sobering thought: 22% of boomer parents contribute financial support for their adult children. When I was 25, my parents weren’t still helping me buy cars.

6) Starting a family without going broke

My wife and I started our family when I was 27. Money was tight, but it was manageable. We didn’t have to delay having kids because we couldn’t afford daycare or worry about whether we could handle the medical bills.

Today’s reality is different. Young couples are putting off having children not because they don’t want them, but because the financial burden has become overwhelming. Between student loans, sky-high rent, stagnant wages, and childcare costs that rival a mortgage payment, starting a family has become a luxury many can’t afford.

I watch my own kids struggle with these decisions, and it breaks my heart. Having a family shouldn’t require choosing between financial stability and the life you want.

7) Job security and upward mobility

When I entered the workforce in the early 1970s, you could reasonably expect to stay with one company for your career if you wanted. Loyalty was rewarded with promotions, raises, and eventual retirement security.

Sure, we had economic challenges. The early 1980s recession was brutal, and unemployment hit hard. But the fundamental social contract between employers and employees still existed.

Today? That contract is broken. Young workers face gig economy jobs, contract positions without benefits, and constant pressure to “upskill” just to stay employed. Company loyalty is a one-way street, and wages have stagnated even as productivity has soared.

The path from entry-level to comfortable middle-class life that my generation could follow has been replaced by uncertainty and endless hustle.

8) The American Dream on an average salary

Here’s the big picture: at 25, I could envision a clear path to the American Dream on an average income. House, family, reliable car, occasional vacation, comfortable retirement. It wasn’t lavish, but it was achievable.

Today, that same dream requires either exceptional luck, family wealth, or crushing debt. The math simply doesn’t work anymore for average earners.

People today have about 63% more purchasing power than in 1973, but that statistic is misleading. Yes, electronics and clothing are cheaper. But the essentials—housing, education, healthcare—have exploded in cost far beyond wage growth.

The system that allowed my generation to thrive has fundamentally changed, and not for the better.

Final thoughts

I don’t share these comparisons to make younger generations feel worse or to brag about how easy we had it. The truth is, we didn’t have it easy—we had it different.

But I do think it’s important to acknowledge the reality: the playing field has changed dramatically. When older folks wonder why young people aren’t buying houses or starting families, these numbers explain why.

The resilience and creativity I see in younger generations navigating this economy gives me hope. They’re finding new ways to build lives and create security in a system that’s stacked against them.

But let’s not pretend the challenge is the same. It’s not about working harder or being smarter with money. The fundamental economics have shifted, and that’s something we all need to reckon with.