It really wasn't until my 40's that I started to have bits of spare money and could start getting into investing (rental properties) and build up real equity.
I was never unemployed or anything, and I had a great record of raises and promotions, but the cost of everything seemed to keep going up too.
I can't blame any 18 year old for not having $1K in savings these days... but I guess a 35 year old should probably start to be on track to having something, even if it's a 401k or something like that.
We traveled down the same path. I was also in my 30s before I could buy a home (still living in it been paid off for a long time).
There are of course exceptions, but between 18-30 is the time to get established. 30-40 really begin to get your affairs in order and by 40 should be doing some serious saving.
I spent ten years active duty, went to college on the GI bill and never had any real savings until we were in our mid 30s.
Did pretty well until I had to move for a job and lost the house at the height of the crash. 6000sf on 15 acres—over 200k in improvements and couldn’t sell it for 250. Left it on the market over a year before we expended all our savings on mortgage and rent. It’s taken almost ten years to get back on our feet and we still don’t have six months in savings.
Prices have risen steadily for years without a commensurate hike in wages for most. Many millenials are decent hardworking people who have less opportunity than their parents generation. It’s not surprising that they have no savings. Half work two or three jobs without OT thanks to Obama. College used to be the way to gain an upper hand, but the rise in cost has only been matched by the decline of its worth.