In 2009, in the wake of the financial crisis, Americans were struggling to find jobs and watching their investments tank. A decade later, things have bounced back quite a bit. However, wages remain relatively stagnant.
The data speaks for itself: In 2019, Americans between the ages of 25 and 54 are earning just 4% more than they did in 2009, after adjusting for inflation, according to CNBC analysis of data from the Bureau of Labor Statistics.
Today's typical wages have about the same purchasing power they did more than 40 years ago, according to the Pew Research Center. "The $4.03-an-hour rate recorded in January 1973 had the same purchasing power that $23.68 would today," writes Pew's Drew DeSilver. Plus, DeSilver points out, "what wage gains there have been have mostly flowed to the highest-paid tier of workers."
Here's a look at how the median amount Americans earned at every age for the second quarter of 2009 compares to the median amount Americans are earning in the second quarter of 2019. Historical numbers are adjusted for inflation.
These stagnant wages make it difficult for young people to reach the same financial milestones as their parents and grandparents, including paying for college or buying a home.
To make things worse, life is getting more expensive. Students who attended four-year public colleges graduated with an average of $26,900 in student loans in 2017, according to the College Board. Those who earned their degree from a four-year private college graduated with an average of $32,600 in loans.
Home prices are increasing as well: Between 2017 and 2018, monthly mortgage payments on median-priced homes grew 12%, home co-investment company Unison found in its 2019 Home Affordability Report.
Americans struggle to stretch their paychecks to cover several financial priorities at once. For many, that means putting some goals on hold. Unison found that 83% of non-homeowners said student debt is the reason they can't afford to buy a home right now. Generally, they're delaying buying a house by around seven years because of it, the report found.
The full wage breakdown
Here's the median amount Americans earned at every age for the second quarter of 2009, according to data from the Bureau of Labor Statistics.
- 16 to 19 years: $327 weekly/$17,004 annually
- 20 to 24 years: $455 weekly/$23,660 annually
- 25 to 34 years: $672 weekly/$34,944 annually
- 35 to 44 years: $823 weekly/$42,796 annually
- 45 to 54 years: $824 weekly/$42,848 annually
- 55 to 64 years: $840 weekly/$43,680 annually
- 65 years and older: $705 weekly/$36,660 annually
Here's what that would be in 2019 dollars calculated by an inflation calculator:
- 16 to 19 years: $390 weekly/$20,280 annually
- 20 to 24 years: $543 weekly/$28,236 annually
- 25 to 34 years: $802 weekly/$41,704 annually
- 35 to 44 years: $983 weekly/$51,116 annually
- 45 to 54 years: $984 weekly/$51,168 annually
- 55 to 64 years: $1,003 weekly/$52,156 annually
- 65 years and older: $842 weekly/$43,784 annually
And here's the median amount Americans are earning in the second quarter of 2019, according to data from the BLS:
- 16 to 19 years: $460 weekly/$23,920 annually
- 20 to 24 years: $589 weekly/$30,628 annually
- 25 to 34 years: $837 weekly/$43,524 annually
- 35 to 44 years: $1,022 weekly/$53,144 annually
- 45 to 54 years: $1,025 weekly/$53,300 annually
- 55 to 64 years: $1,099 weekly/$57,148 annually
- 65 years and older: $949 weekly/$49,348 annually
For comparison, here's how much more each age group is making in 2019 versus 2009:
- 16 to 19 years: 41% more; 18% more adjusted for inflation
- 20 to 24 years: 29% more; 8%more adjusted for inflation
- 25 to 34 years: 25% more; 4% more adjusted for inflation
- 35 to 44 years: 25% more; 4% more adjusted for inflation
- 45 to 54 years: 24% more; 4% more adjusted for inflation
- 55 to 64 years: 31% more; 10% more adjusted for inflation
- 65 years and older: 35% more; 13% more adjusted for inflation
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