Young Americans face more financial hurdles than any earlier generation, which is bad news for anyone starting out today even though hard work can still pay off.

• The cost of building a life from scratch has climbed, making it harder for young people to get ahead.
• Working hard and living cheap used to be enough to get a foothold; today that path is steeper.
• America still rewards effort, but the starting line has moved further back for those just entering adulthood.

Outlook: Without relief on living costs, young people will keep finding it harder to reach the milestones earlier generations took for granted.