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12 Signs You’re Doing Better Financially Than the Average Millennial

Measure your financial fitness against the Millennial standard.

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Updated July 9, 2025
Fact checked

Data show millennials face unique financial challenges. But how does your financial fitness stack up against your peers? 

If you're wondering if you're on the right path from building wealth to saving for retirement and more, here are some indicators that you're doing better compared to the average millennial.

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You have less than $78,396 in debt

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According to pre-pandemic data from Experian, the average millennial had $78,396 in debt. 

If you've made some clever moves to crush your debt and now have less than that, you're doing better than many of your peers.

You own a home

Davide Angelini/Adobe female realtor handing keys to couple

Paying a mortgage is not easy. In 2022, more millennials finally owned a home than didn't own a home. Still, millennial homeowners are the majority by only a slim margin.

The U.S. Census Bureau reports that 51.5% of millennials own homes. If you own rather than rent, you're in the majority — but only just.

Your mortgage balance is less than $224,500

fizkes/Adobe husband and wife doing paperwork

Per the same Experian data, the average home-owning millennial has a balance of $224,500 on their mortgage loan. If you own a home and owe less than that amount, you're doing better than most millennials. 

You're also doing better than most home-owning Gen Xers, whose average remaining mortgage balance is $238,344.

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You have more than $10,000 saved for retirement

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As a millennial, you have several decades left until retirement, but saving now is crucial if you want to retire with enough money to maintain your quality of life.

According to information from GoBankingRates, more than 50% of millennials have less than $10,000 saved for retirement. If you've saved more than that, you're more financially sound than most members of your generation.

Your household earns more than $71,566 per year

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In 2020, U.S. Census Bureau data found that the median household income for millennial households was $71,566 (before taxes). Earning more than that? You're doing much better than average.

You spend less than $1,461 per week

Prostock-studio/Adobe cybershopping concept

Earning more than the median is a good indicator of success, but your financial health depends on what you earn and how much you spend. The average millennial spends $208.77 a day (or $1,461.39 a week), which doesn't leave much left over for savings.

Your net worth is over $135,600

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Your net worth refers to the total amount of assets you own minus your debts or liabilities. You can calculate your net worth using a free calculator from the FDIC. 

If the amount is higher than $135,600, congratulations: Your net worth is above the median millennial amount.

You have less than $32,800 in student loan debt

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Generationally, millennials have less student loan debt than both Gen X and baby boomers. Still, the average millennial borrower owes $32,800 on their student loans.

You have an emergency fund

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A 2023 LendingTree survey shows that 53% of millennials have an emergency fund. As with homes, more millennials have emergency savings than don't.

But since 47% of millennials lack an emergency fund, it's safe to say you're ahead of the curve if you have one.

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You spend less than $76.86 on groceries each week

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The average millennial spends $10.89 on groceries a day, which comes to $76.86 on groceries each week. If you're spending less on groceries than that, you're spending less than the average millennial. 

You're also spending less than the average American. According to the Bureau of Labor Statistics, Americans spend $11.95 on groceries daily.

Your monthly car payment is less than $525

loreanto/Adobe Two young women enjoy their summer day trip through the countryside, singing and dancing inside the car to the music playing on the radio.

Americans pay an average of $525 per month toward used car payments (or $734 monthly on new car payments). Around 40% of millennials keep their payments at $500 or below. 

If you're paying less than that, you're saving money on your car and are doing better than most members of your generation and most Americans in general.

You aren't living paycheck to paycheck

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LendingClub recently reported that an incredible 73% of millennials live paycheck to paycheck, which is a higher rate than members of any other generation. 

If you don't stress about making ends meet until your next check clears, you're in the millennial minority.

If you're in the process of making moves to stop living paycheck to paycheck, you're on a great path. Keep going.

Bottom line

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While comparing your finances to your fellow millennials can help you understand where you stand, these metrics only tell you so much.

If you're saving more than you're spending, have healthy financial habits, and keep working to get ahead financially, just keep doing what you're doing. Maybe you aren't ahead of the curve just yet — but you will be soon.

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Author Details

Michelle Smith

Michelle Smith, a writer for FinanceBuzz, has spent a decade writing for and about small businesses. She specializes in all things finance and has written for publications like G2 and SmallBizDaily. When she's not writing for work at her desk, you can usually find her writing for pleasure near large bodies of water.

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