• The average American millennial is better off financially than they were five years ago.

• Higher salaries have allowed many to grow their wealth and buy homes.

• Under the weight of student debt and childcare, they may still be worse off than prior generations.

This story is kicking off a series called "Millennial World," which looks at the state of the generation around the globe.

Millennials are growing up.

The oldest of the generation, which includes anyone born between 1981 and 1996, is now past the age of 40. In recent years, many have checked off major life milestones including buying a home and having children, and some could even be on the verge of a midlife crisis.

But getting older has already come with some growing pains.

Over the past decade — and longer for some — many millennials have faced high costs of housing and childcare, staggering student-loan debt, and the Great Recession's impact on the job market. This trifecta hit older millennials the hardest and continues to have lingering effects.

Despite these obstacles, the average millennial is faring better financially than they have in the past. And while some of this may simply be a byproduct of getting older — people tend to earn more over the course of their careers — some experts have argued that even compared to past generations, millennials are doing pretty well financially these days.

From saving to spending and financial behaviors in between, here's what life is like for the average American millennial.

Editor's note, May 30, 2023: This story was updated to clarify household income versus individual income data.

The typical US millennial makes between about $52,000 and $62,000 a year.

The Great Recession took a financial toll on millennials and their salaries. By 2014, the median household income of millennials aged 25 to 34 had fallen by more than 10% since 2000 when adjusted for inflation, according to Census Bureau data.

But things have improved in recent years. By 2019, the same age group had a median household income of $70,283. By 2021, it was $74,862.