The things we struggle to afford today reveal more than inflation—they show how the definition of a ‘normal life’ has quietly shifted across generations.
It’s wild how quickly “normal” shifts.
Boomers grew up in a world where certain things were just… assumed. You hit a milestone in life, you bought the thing, and that was that. No big debates about whether you’d ever be able to afford it.
For younger generations, those same things feel almost mythical.
Let’s break down seven basics boomers snapped up without blinking—while younger people have to do mental gymnastics just to imagine them.
1. A family home
Owning a house wasn’t just possible—it was expected.
In the 1970s, the median home price in the U.S. was about $23,000. Adjusted for inflation, that’s around $140,000 today. Compare that to the actual median home price now: roughly $420,000.
That gap is more than just numbers—it’s the difference between buying a house on a single salary versus pooling two incomes, side hustles, and still barely scraping together a down payment.
I remember when I was apartment hunting in Los Angeles a few years back. A modest two-bedroom condo listed at $650,000 drew thirty offers in three days. The seller told me, almost casually, “Back in the ’80s, I bought this for $90,000.” The math hit me harder than the rejection.
Younger folks don’t just see houses as homes anymore; they see them as investment vehicles, generational wealth, or sadly, a dream that might never materialize.
2. A college education
Imagine walking into a university, paying tuition with a part-time job, and graduating debt-free. That was the boomer experience.
Today, the average student loan debt sits at about $30,000. For some, it’s far higher. And this debt lingers, shaping career choices, delaying family plans, and making it hard to even think about affording that first home.
One of my cousins graduated in the early ’90s with zero debt. He often jokes, “I just worked at the campus café, paid tuition, and bought beer money.” Contrast that with a friend’s daughter, who’s facing $65,000 in debt before she even lands her first real job.
As the late economist Thomas Sowell once noted, “There are no solutions. There are only trade-offs.” For Gen Z and millennials, the trade-off is brutal: either take on lifelong debt or skip higher education altogether.
The psychological toll of that kind of financial burden is huge. Research shows that student debt correlates with higher stress, anxiety, and lower life satisfaction. A college degree, once a ticket to opportunity, now comes bundled with stress.
3. A new car
I still remember when my dad casually bought a brand-new sedan off the lot in the ’90s. No lease, no fancy financing—just a straightforward purchase.
Fast forward, and the average price of a new car in 2025 is hovering near $50,000. Even used cars have skyrocketed in price. Younger buyers are now more likely to drive older cars longer or opt for car-sharing apps and public transit.
Cars, once a rite of passage, are now a luxury. The freedom of mobility doesn’t come cheap.
And here’s the kicker: transportation is tied to identity. Psychologists call it “symbolic consumption”—buying not just for utility, but for what it says about you.
Boomers could choose a car for style or status without sweating monthly payments. Younger people? They’re more likely to keep their 12-year-old Toyota running because replacing it isn’t an option.
4. Health insurance
Here’s a grim one. Boomers could count on jobs that offered steady benefits, including health coverage that didn’t feel like a second rent payment.
Today, health insurance premiums and deductibles are crushing. Even employer-sponsored plans feel like a gamble. I’ve had friends skip routine care because the out-of-pocket costs were too high.
One of my photographer friends tore a ligament in his knee last year. He held off seeing a doctor for months because he wasn’t sure if his freelance health plan would even cover it. When he finally went, the bill was more than a month’s rent.
As noted by health economist Gerard Anderson, “Medical debt is the leading cause of bankruptcy in the United States.” That reality makes younger people think twice before stepping into a doctor’s office, something boomers rarely had to calculate.
5. Vacations abroad
I’ve mentioned this before in another post, but travel changes you in ways few other experiences can.
Boomers could book a European getaway or a tropical beach trip without derailing their finances. Airfare was cheaper relative to wages, and the idea of using credit cards for a week in Spain didn’t trigger panic about lifelong debt.
When I was traveling in Portugal a few years back, I met a retired couple who told me they took their first trip to Europe in the late ’70s. They said, “We just saved for a few months, booked tickets, and went.” No GoFundMe, no months of gig work. Just a decision.
For younger generations, travel often involves budget airlines, hostel beds, and hustling side gigs just to save enough. Many dream of “someday” trips that boomers just took for granted.
And psychologically, this matters. Travel builds cultural empathy and resilience. Younger people are missing out not because they don’t want those experiences, but because the entry cost is too high.
6. Raising a family on one income
One parent staying home while the other worked? That was the standard model for many boomer households.
Today, the idea feels almost laughable. Childcare alone can rival rent or a mortgage. Add in rising costs of food, healthcare, and housing, and two incomes barely cover the basics—let alone leave room for savings.
A close friend of mine recently did the math: childcare for two kids in her city would cost $3,200 a month. That’s more than her mortgage payment. The notion that she could stay home—or that her partner’s salary could cover it—is pure fantasy.
The cultural shift here is huge. Families now negotiate every dollar, while boomers could build stability with far fewer financial contortions.
7. Retirement security
For boomers, pensions were part of the deal. Work hard, stay loyal, retire comfortably.
Younger workers? They’re staring down 401(k)s, Roth IRAs, and the looming uncertainty of Social Security. Saving enough for retirement feels like trying to climb Everest with a backpack full of bricks.
As financial planner Ric Edelman has said, “The retirement system isn’t broken—it’s obsolete.” Boomers benefited from a system designed for stability. Younger generations are left piecing together their futures through volatile markets, side hustles, and whatever scraps they can save.
The dream of retiring at 65 with confidence is fading fast. Instead, many expect to work longer, downsize aggressively, or hope their investments don’t collapse.
The bottom line
This isn’t about blaming boomers—it’s about recognizing how much the financial landscape has shifted.
Things that were once considered basic milestones now feel like luxuries. That awareness can sting, but it also forces younger generations to be creative, intentional, and resourceful in ways boomers never had to be.
And maybe, just maybe, out of that struggle will come a different kind of resilience—the kind that builds new definitions of success.
Because if owning a home, raising a family, and retiring on time aren’t realistic markers anymore, younger people will find new ones. And they’ll make them count.
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