Meet the Gen Z HENRYs: They're making $565K on average but still renting

Earning six figures but living paycheck to paycheck — that's what it means to be a HENRY.
As Gen Zers approach 30, a very small subset of the generation is aging into this acronym, which stands for high earners, not rich yet, and was coined by Fortune's Shawn Tully.
With inflation biting extra hard during their young adult years, younger Americans increasingly think they need to earn more to achieve stability. In a 2024 Bankrate survey, Gen Zers said they'd need to make $200,000 a year to feel financially secure. At the same time, Gen Zers deal with " money dysmorphia," or an unrealistic perception of their own financial soundness and feeling stressed over money, largely due to social comparison and outdated ideas of what's affordable. Indeed, middle-income Americans have been living more like their lower-income counterparts, indicating that for Americans to feel middle-class, they actually need to be high-earning.
To figure out who in Gen Z is actually earning above that threshold — and may exemplify the HENRY title — we delved into Census Bureau microdata from the Current Population Survey's 2024 Annual Social and Economic Supplement. We only looked at adult Gen Zers with a total income of $250,000 or more. Though Gen Z birth years span from 1997 to 2012, we only looked at those ages 18 to 27 in 2024.
On average, these Gen Z HENRYs made just above $565,000 a year, compared to around $28,700 for all Gen Zers reflected in the microdata. They also skewed slightly more male than the wider Gen Z cohort.
On average, Gen Z HENRYs were around 24 years old in 2024. They were also more likely to be married than their wider Gen Z cohort, and those marriages seem to be sticking so far — essentially 0% of Gen Z HENRYs were separated or divorced.
Demographically, Gen Z HENRYs were also less likely to be white than their cohort peers, and more likely to be Asian or Pacific Islander.
Gen Z HENRYs were also more likely to have a bachelor's degree or a master's degree and beyond, both of which can contribute to a wage premium. And HENRYs might have the entrepreneurial bug: They're more likely than the rest of Gen Z to be self-employed, although the vast majority held wage or salary roles in the private sector.
Gen Z HENRYs were less likely to be homeowners than the wider Gen Z cohort, with 40% of HENRYs owning homes compared to around 53% of all Gen Zers. Conversely, HENRYs were more likely to be renters. However, homeowning HENRYs were more likely to live in more valuable properties — their estimated current property values were around $455,000 compared to around $441,000 for all of Gen Z.
That tracks with a larger trend: Some high-earning Americans, especially younger ones, are opting for rent — it's increasingly become a better deal than maintaining and buying a home for many, and many higher-earners like the flexibility and amenities that come with a rental.

Try Our AI Features

Explore what Daily8 AI can do for you:

Learn with AIFact CheckingText to SpeechAI Summary

Related Articles

New York Post

36 minutes ago

• New York Post

Here are Gen-Z's unbelievable job requirements, including nap rooms and sabbatical leave: survey

They're Gen-ZZZ. Nearly one in six Americans under the age of 28 won't even consider taking a job unless there's a designated snooze space at the office, a mind-boggling new survey found. 'It's clear Gen-Z isn't shy about voicing what they want from today's workplace, and for many, it goes beyond salary and health insurance,' said Amanda Augustine, a certified professional career coach and resident expert for the resume-building website which polled 1,000 professionals across the country about their must-have perks while evaluating job opportunities. For them, napping on the clock, and other demands 'aren't just nice-to-have extras; they reflect a shifting view around work-life balance and overall well-being,' Augustine added. 3 Nearly one in six Americans aged up to 28 won't even consider taking a job unless there's a designated snooze space at the office, new survey found. Jack Forbes / NY Post Design One in five Gen-Zers — more than any other generation — say a 'fun room,' complete with games like ping pong and other recreational activities, is essential to their work environment, the startling survey results reveal. And one in five wouldn't even consider a position if the company's offices are not pet-friendly, compared to 14% of millennials, aged 29 to 44; 8% of 40- to 65-year-old Gen-Xers and only 4% of Boomers, aged 61 to 79. More Gen-Zers — 33% — expect free snacks and lunches at the workplace, more than any of their older coworkers, the poll found. 3 Overall, paid overtime was revealed as the most in-demand employee perk in America, with 76% of professionals saying it's a must-have. And even if an office is up to snuff, they don't want to show up. A whopping one in three said a four-day workweek is non-negotiable, and one in four expect 'extended' sabbatical leaves 'for personal development or travel.' 3 Napping on the clock is just one of Gen-Zers many demands while evaluating job opportunities. Fxquadro – Younger generations are 'pushing back against the old model of constant hustle and burnout' by valuing flexibility and 'a more enjoyable day-to-day experience,' according to Augustine. 'Companies that dismiss these priorities as frivolous may find it increasingly difficult to attract and retain top talent from this up-and-coming generation of workers,' she warned.

Miami Herald

2 hours ago

• Miami Herald

Home Depot store closing indefinitely after scary incident

Retailers have been fighting an uphill battle over the past several years. Five years ago, Covid hit nearly every retailer hard. Related: Huge retail chain suddenly closing 100s of stores, no bankruptcy The beginning of 2020 brought a series of challenges for which most retailers weren't prepared. Even the oldest or most robust brands weren't anticipating a pandemic that would bring brick-and-mortar commerce to a near-screeching halt. For at least a few weeks, almost every retailer had to scramble to figure out how to stay afloat. Some were better equipped than others. Most every brick-and-mortar retailer was forced to shut down for at least some period of time, while customers stayed away and foot traffic went to zero. This put a lot of strain on e-commerce companies, which suddenly saw a spike in demand for inventory and had to coordinate logistics and shipments across the U.S. as efficiently and quickly as possible. And once the world reopened, many retailers experienced something of a jolt when they had to quickly adapt to a completely changed world. Interest rates rose sharply, making debt, growth, and recovery more expensive. And customer behavior had been changed forever. But some retailers were spared more than others. During Covid, many of us increased our time spent at home or around the house. That meant that many of us looked around and saw the projects we'd been putting off because of a busy schedule. Or maybe we just started to notice things that needed to be done. More closings: Popular local Dairy Queen rival suddenly closing, no bankruptcyAnother big Mexican chain closing down restaurant, no bankruptcyUPS suddenly closing more stores amid chaotic new change, layoffsPopular fast-food burger chain closes all restaurants in key area So when things slowly began opening back up, many Americans were far more likely to go into an open and sprawling big-box retailer like Home Depot than they were to go inside a crowded bar or gym. That meant good business for home improvement retailers. Between 2020-2022, Home Depot brought in record revenue. It added $40 billion in sales (a growth rate that had taken it nine years to achieve previously). And the company continues to fly high; it made its largest-ever acquisition in 2024, buying SRS Distribution for over $18 billion. No matter how high-flying a retailer might be, however, there is always a chance that an unforeseen event can close things down again. Such is the case with a Home Depot store located in Topsham, Maine. Related: Huge troubled retailer closing dozens of stores, laying off 100s The store, which is located near other big-box stores approximately 15 minutes outside of Freeport, Maine, was closed on Monday after a fire broke out in the early morning. Firefighters responded to a call around 4:25 am. The blaze was confined mostly around the cash register section. Officials believe it was caused by a battery that overheated while a radio was in its charging station. Smoke and water left much of the store damaged, and it will be closed until further notice. The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.

Yahoo

4 hours ago

• Yahoo

Bank of England maintains Bank Rate at 4.25%

The Monetary Policy Committee of the Bank of England, at its meeting ending on June 18, voted by a majority of 6-3 to maintain Bank Rate at 4.25%. Three members preferred to reduce Bank Rate by 0.25 percentage points, to 4%. 'There has been substantial disinflation over the past two years, as previous external shocks have receded, and as the restrictive stance of monetary policy has curbed second-round effects and stabilised longer-term inflation expectations. This has allowed the MPC to withdraw gradually some degree of policy restraint, while maintaining Bank Rate in restrictive territory so as to continue to squeeze out existing or emerging persistent inflationary pressures. Underlying UK GDP growth appears to have remained weak, and the labour market has continued to loosen, leading to clearer signs that a margin of slack has opened up over time,' the bank stated. Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on SPY: Disclaimer & DisclosureReport an Issue SPDR S&P 500 ETF Trust Appoints Second Market Maker Goldman Sachs continues to expect just one FOMC rate cut this year Powell says rate hike 'not the base case' when FOMC members do projections Powell says generally Middle East conflicts don't have lasting inflation impact Powell says monetary policy 'has to be forward-looking' Sign in to access your portfolio