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A quarter (23%) of Americans have no savings at all, and an additional 17% have less than $500 saved, according to the latest GOBankingRates survey data. To help address this critical savings issue, GOBankingRates is publishing a series of research and educational content throughout this month in honor of National Savings Day on October 12.
One of the toughest savings challenges for Americans is the rising cost of homeownership. The savings needed for millennials to buy a first home is drastically different than boomers, according to GoBankingRates. In 1970, homeowners needed $3,400 for a 20% down payment on the average home, compared to $71,688 in 2024. Without adjusting for inflation, this is an increase of more than $68,000.Hawaii and California experienced the biggest cost increase: homebuyers need to save over $100,000 more in 2024 than 1970.
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