Posted 11/25/2023, 1:31:00 PM
Sky-High Home Prices and Low Wages Make Building Wealth Harder Than Ever for Most Americans
- It's the hardest time to build wealth in modern history due to high interest rates and inaccessible housing market
- Homeownership is the "ticket to wealth" for most Americans, but high home prices have put ownership out of reach
- The bottom 50% of Americans have gained just $330 billion in wealth this year, while the top 0.1% gained $1.3 trillion
- Wage growth only recently started outpacing inflation, after prices climbed over 9% in the first half of 2022
- Wealth inequality likely won't improve anytime soon without sustained wage growth above inflation