In recent times, aspiring homeowners face several significant obstacles
Owning a home is one of the best ways to build a family legacy, but it’s becoming harder because of slow wage growth. Real wages are the money people earn after adjusting for inflation, or how much their paycheck can actually buy. Over the past few years, wages have not grown fast enough to keep up with rising prices.
For example, in 2021, real wages actually went down by 2.2% because inflation made everything more expensive. In 2022 and 2023, wages grew a little, by 1.3% and 0.7%, but not enough to make a big difference. Even in 2024, real wages only grew by 1.1%. This means people are working hard but not earning enough to cover rising costs like food, gas, and especially housing.
When wages don’t grow fast enough, it’s harder to save for a down payment or qualify for a mortgage. This makes buying a home feel out of reach for many families. Without homeownership, families miss the chance to build wealth and pass it down to future generations. Slow wage growth is a big challenge for anyone trying to own a home and build a lasting legacy.
Saving money is an important step toward buying a home and building a family legacy. But over the past few years, Americans are saving less than ever. This makes it harder for families to afford down payments, cover closing costs, or handle emergencies that come with owning a home.
In 2020, during the COVID-19 pandemic, the saving rate hit a record high of 32% because people were spending less and getting government help. But once the world reopened, savings began to drop. In 2021, the average saving rate was around 12%. By 2022, it had fallen to just 3.4%, and in 2023, it stayed low at 4-5%. By the end of 2024, the saving rate was only 3.8%.
With rising costs for food, gas, and housing, families are struggling to save money. This makes it harder to buy a home, build wealth, and create a strong legacy for future generations. Without enough savings, even families with good jobs find it tough to become homeowners. Saving less means fewer people can build a future they can pass down to their children.
Owning a home is one of the best ways to build wealth and create a family legacy. But today, finding an affordable home is harder than ever. While more houses are for sale now than in the last few years, many of them are too expensive for the average family. This creates a big problem: homes are sitting on the market, but families still can’t find homes they can afford.
In 2020, there were very few homes for sale, and prices started to rise. By 2024, the number of homes for sale increased to the highest level since 2020. But even with more homes available, more than half of them stayed on the market for over 60 days—the longest since 2019. This isn’t because there are too many homes; it’s because the homes available are too expensive for most families.
Higher mortgage rates and rising prices mean first-time buyers can’t afford the homes that are out there. Affordable homes are still in short supply, while pricier homes sit unsold. This makes it tough for families to buy their first home, build wealth, and create a lasting legacy for the future.
In recent times, aspiring homeowners face several significant obstacles
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