Well-educated and in debt: Millennials facing unique challenges

NEW YORK (FOX 5 NEWS) - Millennials, who are between 18 and 35, tell us they're ready to get out and get to work but they have been riddled with negative stereotypes, according to millennial expert Chelsea Krost.

She said this generation is facing a new set of challenges. She said that millennials earn 20 percent less than what boomers did at the same stage of life despite being better educated. And the cost of that education is holding some back because they graduate with thousands of dollars of student loan debt.

Because of the cost of student loans, many millennials find it difficult to live on their own especially in New York City where rents are extremely high. At the end of 2016, the median monthly rent cost for the entire city was $2,750, according to Street Easy. Manhattan is the most expensive, at $3,200. The Bronx has the cheapest monthly rent, at $2,000.

Lauren Riefflin, a spokesperson for Street Easy, says Millennials are doubling up on roommates in order to stay near neighborhoods such as East Village, Lower East Side, and Williamsburg.

Many Millennials are trying to stay positive as they shoulder these burdens.