(NewsNation) —  Freddie Smith gets a lot of questions from, and has a lot of answers for, people seeking help with their money. About one million people follow him on X, Instagram and TikTok. And he sums up Americans’ attitudes about the economy this way:

“We’re living in two separate economies,” he told NewsNation’s “On Balance.” He says the thing that most separates those economies is age.

“People under 40 are really feeling the stress of the economy, saying it’s not good because housing is up, college is up, day care is through the roof. But I think (for) people over 60 who sit back and say, ‘My 401(k)’s looking good, my house went up 40%,’ the economy’s doing well.”

And it’s the exploding cost of owning a home in the past three years that has really fueled that feeling of inequity, said Smith, who pointed to government numbers on income and housing costs over the last 24 years.

In 1980, the average home price was $47,000 while the median household income was $22,000. This year, the average home price is $420,000 and the median household income is $77,000.

“If you’re somebody who’s over 60 years old … if you have a $400,000 home and you have just property taxes and homeowner’s insurance for $600 a month, that is significantly better than a Millennial or GenZer paying $2,500 for rent or $3,600 for a mortgage,” Smith said.

“Somebody making $77,000 cannot qualify for a $400,000 home. That’s the first time that’s ever happened in the past 50 years. So they’re being forced to rent. It’s eating up 50% of their income.”

So what can you do to dig out of an economic hole? Smith says that’s what his online advice is all about.

“Working on a budget, working on a plan, it’s paying off your debt, working a second job if you have to and ultimately staying educated. We have top stay up on what’s happening in the country right now so that we can get ahead.

“Holding your breath for the government to do something is not the first plan. That’s like … number three.”