Millennials’ average net worth more than doubled during the pandemic, and real estate makes up more than one-third of their financial assets — here's what experts say should be their next focus
However, millennials who recently bought homes may have significant debt, the report found. Nearly 63% of millennial debt is home mortgages, followed by almost 36% in consumer credit.
He said millennials may be"losing financial ground in the long run" if monthly mortgage payments prevent them from fully funding their retirement accounts.While older millennials in their early 40s should aim to If most of your wealth is home equity, it may be wise to focus on building retirement plans or a brokerage account, he said, suggesting 20% to 25% of gross income annually for long-term investments.
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