If there were a healthy, properly incentivized economic structure in higher education, banks wouldn’t be handing out loans to students without any thought to their future earning potential. There isn’t.
Also, millennials aren’t compelled to rent apartments in the middle of the most expensive cities in America. Yet, many are happier living in urban areas than previous generations were. Pew Research found in 2018 that 88 percent of millennials now reside in metropolitan areas. That’s also a choice.
And the urban areas that millennials choose are more expensive partly because they are far better iterations of cities than previous generations encountered. In the past 30 years, these places have undergone waves of gentrification and revival, in part to cater to the tastes of younger Americans. Most are cleaner, safer, and more livable in numerous ways—and thus, more pricey. Yes, Brooklyn was a lot cheaper in the 1970s, 1980s, and 1990s. It was also more dangerous, dirtier, and less enticing for families and businesses.