Young Adults Called "Cheapest Generation"

Yesterday, the Atlantic Online named today's 20 somethings,  America's cheapest generation,  because they largely refuse to own a car or buy a starter home.

The article was quickly picked up by other media outlets and spread across the internet, causing quite a stir here in Myrtle Beach within our own youth culture.

In an age when our baby boomer president, in concert with our baby boomer congress, have created a national spending frenzie, with out of control debts,  many comments we have heard include,  "It's about time!" 

These comments have come in from Gen Y readers, Gen X readers,  and yes, even baby boomers.

The Atlantic states that Gen Y consumers are living in Urban Centers where they rent because they are carrying large college debts and want to be able to move quickly, if job requirements change.  They have limited job opportunites and see no value in home ownership.   Increasingly Gen Y consumers walk, bike or use mass transit.  Technology and travel are more highly valued than traditional baby boomer identification purchases of namely homes and cars.

What's your opinion?  Are today's young adults on track?  Are they inviting a new cultural shift in consumerism?