@Cosmic Wheels: Please note that I'm not saying that time the time you referenced was EASY (I'm assuming it was the early 1980s based on you citing 14% rates). 

That said, as hard as that time was, I think it has become harder to establish yourself today than it was then. Why? Because you can't save for anything effectively anymore.

Back when there were high rates, if I delayed buying anything, my savings in a basic savings account might grow faster than the price of that thing would appreciate. In particular, I'm talking about down payments as a % of the total cost of buying a piece of real estate. 

Back then, sacrifice meant you could amass a larger % down payment each year you saved. Real estate across the board was a lower multiple of incomes and was typically growing at a far lower rate than it has in many markets over the last 10-15 years.

Each year you delay buying to save now, you fall further behind. That is a messed up dynamic that does not bode well for young people.