My parents, which I guess were the generation before the boomers, were very careful how they spent their money.
They never visited restaurants, except when they were away from home. They also looked for good prices when they bought food and anything else. This is how they could afford a house and had money when they retired.
I spend a lot of money in restaurants, for cars, and entertainment. And, obviously, I couldn't afford a house because I used the money for other things. Somehow I am pretty sure this is similar for millennials. It's up to us how we spend our money. If we spend it for A and B, then we should not be surprised that there is less money for C.