Americans aged 65 and older are less affected by the cost-of-living crisis than younger households, according to economists and political experts. Between January 2019 and August 2026, millennials experienced cumulative inflation of 33.3%, compared with 31.5% for older Americans, largely due to their higher spending share on housing and childcare. Mortgage payments represented 33% of median family income in 2025, a historic high versus 26% in 2022. Net worth for families under 35 fell 23% between 2022 and 2025, while families 75 and older saw their wealth surge 37%, creating a disparity that could influence the November vote.
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