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Does Education Really Lead to

Greater Earning Power?

Whether it’s parents shuttling their children off to elementary school or students starting their final year of college,
back-to-school season is here. We generally spend a minimum of 12 years as a student, more if you pursue a
college degree. Along the way, we’re told that education is critical to your ability to earn a decent living.
But, it begs the question, do the seemingly endless nights at the library studying for exams make a difference?
Does pursuing education typically translate into a higher paying job? Indeed, our analysis shows that students
won’t regret pursuing a higher education. And, as housing economists, we know that a higher-paying job impro-
ves the likelihood that one can achieve homeownership.
“So then, millennials, as you begrudgingly make your way to the library, just remember that it will

all pay off, it’s just a matter of time.”

Millennials Must Really Like School

Millennials are the largest generation cohort we’ve ever seen. While the bulk of them are turning 30 next year and so-
lidly into their careers, many millennials are recent college graduates and newcomers to the professional world, and
many are still in college.
In fact, according to our research, millennials are the most educated generation we’ve ever had by several measures.
Approximately 40 percent of millennials ages 25 to 37 have a bachelor’s degree or higher, compared with just 15 per-
cent of the Silent Generation, 25 percent of Baby Boomers and about 30 percent of Gen Xers when they were the sa-
me age. Millennials also reached the threshold of 30 percent having earned a bachelor’s degree at a much younger
age than previous generations. By their mid-40s, 30 percent of Boomers had a bachelor’s degree. Gen Xers reached
the mark by their early 30s, but millennials achieved the educational milestone by their mid-20s.