This is pretty well documented. The main point is that older generations had access to much cheaper housing, they bought it instead of rented it, and it went up in value. Millenials by and large rent instead of own, and the rent increases have been outpacing wage gains for a while. Along with housing, education has vastly increased in price increasing student debt a lot, which was basically non existent in my parents generation. Medical expenses have grown an extreme amount relative to inflation as well as childcare. The net of it is that your boomer uncle can buy a new boat for the lakehouse he bought 30 years ago, but you're spending all of your money on daycare.
https://www.aei.org/carpe-diem/chart-of-the-day-century-pric...
https://www.cnbc.com/2020/10/09/millennials-own-less-than-5p...