SPOKANE, Wash. – The question of whether life has become more expensive for younger generations is a hot topic. Millennials and Gen Z face financial struggles such as rent increases, grocery costs and the ability to afford a home.
In a recent Facebook post by NonStop Local, we discussed the cost of living for Gen Z. The comments varied, with some suggesting that Gen Z is entitled, while others indicated that these struggles are just part of life. One comment stood out, asking, “So nothing has changed since my generation had young families?”
Actually, it has.
A list of everyday necessities shows how prices have changed over the last 20 years. According to the US Bureau of Labor Statistics, groceries that cost $14 in 2005 now cost just under $30, a 100% increase. Gas prices have risen by 15% and rent has increased by 111% since 2005.
Wages have not kept up. While Washington State has legislation to adjust minimum wages to match inflation, this does not affect wages above the minimum. Nationwide, the Bureau of Labor Statistics reports that the average weekly wage for those aged 16 to 25 has increased by only 80% since 2005. This means today’s young people face a higher cost of living compared to 20 years ago.
