15 Things Gen X Is About To Be Priced Out Of

Gen X is often the "forgotten" generation of latchkey kids who are now well into adulthood, and they have some loud messages for the younger generation about the economy — we can't afford anything.

Those born roughly between 1965 and 1980 grew up with the promise that if they went to school, got a job, and worked 40 hours a week, they could live a comfortable middle-class life. 

As the generation prepares for retirement by checking on their financial fitness, many are realizing the outlook isn't as rosy as they once thought it would be. Keep reading to learn about the biggest financial hurdles Gen X is facing financially today and over the next decade.

Everybody knows healthcare has gotten out of hand, and Gen X is acutely aware of the increasing fragility of the human body. Middle-age is the time of life when it becomes less like "falling down" and more like "getting hit with a planet", which really puts the inevitability of needing a doctor in the front of mind.

Unfortunately, with healthcare prices continuing to climb, many of this generation will have to dig even deeper into their pockets when it comes time to call the doctor.

Gen X watched their parents retire with pensions and strong Social Security benefits, and then they never saw it happen again. Retirement has become a privilege many Gen Xers are realizing will be unattainable for themselves.

The stark reality is that many folks in this generation simply won't retire, which has resulted in a large workplace shift towards employees needing to enjoy the work they are doing, rather than merely tolerating it.

A whopping 83% of Gen X planned to cut back on holiday spending in 2024, according to a study by Chain Store Age, which also showed overall 97% of respondents had their holiday choices influenced by cost of living considerations.

If things keep trending this way, Gen X will have to forgo the big spending habits of their parents and instead focus on fewer, but more meaningful, gifts.

A study by the Education Data Initiative from 2024 shows that Gen X has the highest average student loan balance. The increasing length and burden of higher education debt is holding many back from retirement savings — which is sure to cause a huge problem in the all-too-near future as this generation looks to retirement planning

Gen X is sandwiched between helping their kids financially, while preparing to take care of their own parents as they need increasing age-related care, earning them the nickname of the "sandwich" generation.

But, this new burden will come with increased cost, which many won't be able to work into their budget. And those who can't afford assisted living facilities also can't afford to stay home all day to care for aging parents themselves — options like adult day care averages around $2,120 per month, while partial in-home care typically runs about $33.99 per hour — which will make it unaffordable to Gen X to step in and help out their parents.

Dating is expensive. There are fewer and fewer places to take a date that don't require spending money, and women aren't keen to go for a long stroll through an empty forest for a first date. 2024 was the year women were asked if they would rather encounter a bear or a man while they were alone in the woods — and women nearly unanimously chose "bear."

That means singles may not be able to afford to wine, dine, or woo new prospects as easily as they did when they were younger.

Generation X saw some of the highest mortgage rates in history before witnessing the mortgage crisis of 2008. Buying a home is becoming an even less attainable goal for those who don't already have one since then, and Gen X is running out of time to reasonably make first home purchases.

According to the National Institute on Retirement Security, roughly 40% of Gen Xers have nothing at all saved for retirement. Being able to have a savings account is dependent on making enough money to escape the cycle of living paycheck to paycheck — and that hasn't happened for a large portion of the now middle-aged population.

Gen X is increasingly concerned about their Social Security benefits existing at all by the time they hit retirement age. Fear of being unable to ever retire coupled with paying into a system for one's entire working life and potentially not ever receiving the benefits is an increasing source of frustration for this generation, and it doesn't seem like that will change much in the coming decade.

During the decade between 2013 and 2023, rent inflation outpaced currency inflation by over 40%.

The national average rent for an apartment in 2024 was $1,713, and many landlords required income to be at least three times the amount of rent. If rental rates continue increasing at this pace, Gen X may be faced with a homelessness crisis in the next ten years.

Going to Disney World was once the hallmark of the American summer vacation, but skyrocketing prices for a classic Disney vacation have moved it into the realms of luxury items.

Consider this: In 1990, the ticket price for Disney World was $31, which adjusted for inflation would be $75.23 as of 2024. In reality, the 2024 ticket prices had jumped to $109. That might not sound too bad for locals, but the average cost for a family of four staying at the resort was $6,865 in 2024. If prices continue to follow this trend, Gen X could be poised to be completely priced out.

A 2024 Newsweek survey of 2,500 U.S. voters revealed 53% skipped a vacation because of the high cost of living. Of those who did intend to travel, only 17% were traveling abroad. That decline could continue if the changing political landscape worsens, which means Gen X may no longer need to renew their passports in the next 10 years.

A Philadelphia Federal Reserve Bank survey shows more than half of the Gen Xers surveyed were cutting back on discretionary spending — including things like buying new clothes. Second-hand thrift shops have been steadily increasing as fewer people can justify the price tag on new quality apparel.

It's not just Gen X feeling the pressure of exorbitant food costs, and it's not going to magically get better without changes. First it was cutting down on restaurant budgets, then condensing weekly grocery budgets, and now we're all just screaming about the price of eggs.

An Inside Dentistry report indicates that 61% of Gen X respondents indicated dental care was not affordable. Even those who can afford dental insurance are oftentimes unable to pay the out of pocket expenses for anything not covered by insurance — and insurance isn't covering much.

Generation X has witnessed some major defining events, including the Dotcom bubble, 9/11, the mortgage crisis of the late aughts, and more recently the Covid pandemic.

This has left the generation disillusioned about the affordability of living over the next decade, but the former latchkey kids are well acquainted with rolling up their sleeves, dialing up the sarcasm, finding ways to earn extra cash, and figuring out how to get by on their own. So, while these predictions may feel a bit gloomy, they aren't going to keep Gen X down.