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CNBC Marathon explores why young American adults today are struggling to settle down and make ends meet in the current economy.

Starter homes are typically modest in price and under 1,400 square feet. These units accounted for 40% of new residential construction in 1982 but just 9% in 2023. Economists say starter homes are disappearing as home builders contend with rising costs for land, labor and materials while navigating increasingly thick layers of regulation. As a result, many new homes are for high-end buyers in more remote locations. Meanwhile, the age of the first-time buyer rose to 38 from age 29 in 1981.

Gen Z and millennials are facing a financial paradox: Despite higher wages and a rise in net worth, many still live paycheck to paycheck. CNBC explores why traditional economic milestones like buying a home or starting a family feel out of reach and how instability, debt and housing costs are forcing young adults to rethink what "making it" really means in today's economy.

America’s fertility rate is at a historic low and governments around the world are experimenting with ways to raise birthrates. The U.S. is no exception but experts argue the policies proposed by the federal government fall short.

Whether it’s buying their first home, feeling financially stable on their own, or starting a family, markers of the American dream that have persisted throughout generations no longer seem as easily achievable for the millennials and Gen Zs in the U.S. CNBC uncovers what is delaying modern adults from meeting milestones as fast as their parents and what the new generation can do to adapt to the changing times.

Chapters:
00:00 Introduction
1:15: Why Americans Can’t Find Starter Homes (Published January 2025)
12:09: Why ‘Making It’ Feels Impossible In The U.S. Now (Published May 2025)
23:59: Why The U.S. Government Wants Americans To Have More Kids (Published May 2025)

Produced and Shot by: Carlos Waters, Charlotte Morabito
Edited by: Carlos Waters, Andrea Miller, Charlotte Morabito
Animation: Christina Locopo, Jason Reginato, Andrea Schmitz
Senior Managing Producer: Shawn Baldwin
Senior Director of Video: Lindsey Jacobson
Additional Footage: Getty Images
Additional Sources: Bankrate, Congress for the New Urbanism, Congressional Research Service, Construction Coverage, MMG, Redfin, Reutuers, Texas Office of Public Insurance Council, Urban Institute, U.S. Department of Housing and Urban Development, Peter G. Peterson Foundation, Committee for a Responsible Federal Budget, OECD, Society for Human Resource Management, United Nations, Tokyo Foundation, Centers for Disease Control

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Why Adulthood Became So Expensive