Today, the Council on Economic Advisers released a new report that looks at the so-called "Millennial" generation. And while you might think that this group of Americans -- mostly in their mid-20s -- is all about smartphones and mason jars, you'd be wrong.
The report comes ahead of President Obama's visit with Los Angeles entrepreneurs, technologists, and creatives -- and it takes a close look at the trends and circumstances that have shaped Millennials. It finds a generation shaped by transformation, that came into its own in the midst of the financial crisis, but is also more diverse and educated than any other generation.
Here are some of the most interesting facts from the report:
Millennials are now the largest, most diverse generation in the U.S.
They're shaped by technology, value creativity, and are innovative (see, founders of Facebook, Instagram, and Tumblr).
More Millennials are going to college, especially women. But when you couple that with rising tuition, they're also left with an ever-increasing share of the student loan debt burden.
Thanks to the Affordable Care Act, they are much more likely to have health insurance without being job-locked.
Millennials are moving into urban areas and they're paying rent. They're less likely to own a home during their 20s than previous generations.