The Daily Money: Is the 'starter home' still a thing?

Good morning! It’s Daniel de Visé with your Daily Money.

Larry Freudenberg remembers the first home he bought with his wife, Marsha, a year after they both graduated from college. Just one level, with an unfinished second story, and cedar wood planks on the outside. “We thought it was a castle,” he said.

The starter house has been a well-worn homeownership strategy for generations of Americans, who buy a smaller, more affordable property, build some equity, and then upgrade to something bigger, fancier, or in a more preferable location.

But like so many other narratives about housing, the cutthroat market of 2024 may make the starter home feel like a relic of long ago.

Here's Andrea Riquier's story.

More Americans struggle to find work

When Samantha Griswold graduated from college in May 2023 with a degree in fashion merchandising, she figured she would have a job by summer.

The intensive search appeared to pay off. She snared about three interviews a week, and often made it to the second round. But she never got past that benchmark. Griswold finally landed a merchandising position at Saks Fifth Avenue last month. But 20 months of hunting for a job took a toll.

As the nation celebrates Labor Day, Paul Davidson reports, a job market that was red hot amid unrelenting post-pandemic worker shortages has decidedly cooled.

Another high-profile firm pumps the brakes on DEI

Ford Motor Co. has told employees it will no longer participate in an annual survey from an LGBTQ advocacy group and will not use quotas for minority dealerships and suppliers, Jessica Guynn reports.

Ford is the latest company to make changes to its diversity, equity and inclusion initiatives, as corporate America faces growing pressure from a conservative activist whose anti-DEI campaign is gaining momentum.

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer and financial news from USA TODAY, breaking down complex events, providing the TLDR version, and explaining how everything from Fed rate changes to bankruptcies impacts you.

Daniel de Visé covers personal finance for USA Today.