Now is the time for social scientists to focus an analytical lens on the new third generation to see what their experiences reveal about post-1965 assimilation. This paper is a first step. We compare the household characteristics of post-1965, second-generation Latino and Asian children in 1980 to a “new third generation” in 2010. Today's new third generation is growing up in households headed by parents who have higher socioeconomic attainment; that are more likely to be headed by intermarried parents; that are less likely to contain extended family; and that, when living with intermarried parents, are more likely to have children identified with a Hispanic or Asian label compared to second-generation children growing in 1980. We use these findings to inform a larger research agenda for studying the new third generation.