The Covid-era fiscal stimulus gave young people extra savings to invest in equities.
Older Americans have added $14 trillion in net worth since 2019.
Higher prices in these cities are more than offset by the higher wages.
Some 2.3% of workers took a hardship withdrawal last quarter.
Analysts have been debating the impact on household finances and the economy as Americans resume student loan payments.
Total US household debt grew by $228 billion last quarter to reach $17.3 trillion, all driven by younger consumers.
The behavioral and psychological effects of high inflation are still resonating throughout the economy.
The number of excess retirees has even unexpectedly risen from 1.7 million in June.
Young adults are facing higher financial stress with the return of student loan payments and higher prices.
The average rate for credit cards issued by commercial banks was a record 22.8% in August.