Millennials shoulder a different and bigger financial burden than Gen X and baby boomers.While incomes have increased formillennials, many significant economic expenses,such as the cost of buying a home and college tuition,have increased at a faster rate.The financial struggle millennials face is making them more financially savvy.It can be easy to gripe about millennials, but the truth is that in some waysmillennials face a harder life than their parents didlargely because they're confronted with different financial struggles and increasing expenses.While millennials have benefited from a 67% rise in wages since 1970, this increase hasn't kept up with inflating living costsrent, home prices, and college tuition have all increased faster than incomes in the US, reveals research conducted by Student Loan Hero.However, not all costs have soared.While the cost of some consumer goods has risen, it's mostly remained stable and has even plummeted for some goods, such as computers, televisions, and other electronics.Surprisingly, gas is also cheaper. One gallon of regular unleaded gas was 60 cents in 1976; adjusted for inflation, it was $2.65 a gallon, reports Student Loan Hero. In 2016, it was just $1.96 a gallon.And, fun fact: a pint of beer in 1976 was $1.12, or $4.94 in today's dollars.Today, it's only $3.99.While it's nice to save on these everyday purchases, The Atlantic points outthat it's the most important parts of the economy that are getting more expensive. Consequently, it creates an even bigger financial burden for millennials to shoulder.But it may be making millennials more financially savvy."Facing a stark set of financial circumstances, millennials started adulthood with less room for financial mistakes than previous generations," writes Student Loan Hero's Shannon Insler. "In response, they are managing their money differently. More millennials arerefinancing student loans, delaying a home purchase, and looking for creative ways to earn more money through side hustles."Here are the most significant ways life is more expensive for millennials.SEE ALSO:7 ways life is harder for millennials than it was for their parentsDON'T MISS:6 ways millennials have it easier than their parents didMillennials are saving more money for a longer time to become homeowners.Millennials are waiting longer to buy homes than previous generations, but that's because they have to spend more time saving money.Millennials buying their first homes today will pay 39% more than baby boomers who bought their first home in the 1980s, according to Student Loan Hero.The value of homes has increased 73% since the 1960s, when adjusted for inflation. The median price of a home then was $11,900, which is equivalent to $98,681 in today's dollars. In 2000, the median price of a home rose to $119,600, more than $170,000 in today's dollars.And those numbers only continue to climb. As of April 2018, the median home value in the US was $210,200, reports CNBC.Millennials face soaring rents.But saving up for a home can be hard to do when millennials are shelling out money for climbing rents in the meantime.Rent increased 46% from the 1960s to 2000 when adjusted for inflation. In 1960, the median gross rent was $71that's $588 in today's dollars. In 2000, that number rose to $602, or $866 in today's dollars.The current median rent in the US, according to Zillow, is $1,600.Millennials have to pay more for a four-year college degree ' and are left with higher student loan debt.Millennials have to pay to get paid down the road. Unfortunately, college tuition was more affordable for older generations, reveals Student Loan Hero.Between the late 1980s and the 2017-2018 school year, the cost of an undergraduate degree rose 213% at public schoolsand that's adjusting for inflation.Back then, average annual tuition for public college cost just $1,490, or $3,190 in today's dollars, compared to today's price tag of $9,970.Private college tuitions fared a little better, with a cost increase in the same time period of 129% when adjusted for inflation. In the late 1980s, it cost $7,050, or $15,160 in today's dollars, for a private undergraduate degree. Today, the average cost is $34,740.See the rest of the story at Business Insider
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