Some Americans are tabling homeownership until later in life.

The typical homebuyer in the U.S. is now 56,* up from age 49 a year ago. The median selling price for a home increased 39% since 2020 to $435,000, while 30-year mortgage rates have jumped to 6%. Given rising prices, a record share of first-time homebuyers are using an inheritance* to finance their down payment.

For those hosting Thanksgiving this year, 84% of Americans say some dinner conversations are off the table, according to Empower research. These include politics (57%) and financial topics, like how much money they have (51%), spend (44%), or make (33%).  

— The Editors 

Tallying your turkey day favorites

Turkey prices have dipped 2.24% year-over-year, according to the Consumer Price Index. Empower analysis reveals shoppers can expect to feed a group of 10 for just under $80 at $7.85 per person this Thanksgiving. Get a price check on The Currency^TM where we’re dishing the details on your Thanksgiving staples.

Cost of popular Thanksgiving items 2024 vs. 2023

🐤 Early bird gets the deal: Black “Friday” discounts are already being offered at Walmart, Best Buy, Target, and Amazon. Almost half of Americans* began their holiday shopping before November, and another 37% are starting this month, spending $902* on average this season. While 38%* of Americans are motivated to shop early due to lower prices, Empower research reveals 42% are willing to pay more when shopping local to support small businesses.

📅 Giving Tuesday: “It’s better to give than to receive” — so goes the popular adage. In 2023, Americans raised $3.1 billion* for charitable causes on the Tuesday after Thanksgiving. Get in on the giving spirit (and maximize your annual tax deductions) with these savvy strategies on The Currency.

🍽️ Best served cool: This month’s temperature check on the economy showed inflation increased 0.2%* in October, breaking its cooling streak and taking the 12-month inflation rate to 2.6%. Despite food, housing, and insurance products* all running hotter than the Federal Reserve’s 2% target, rate cuts are forecasted for a third time this year at the December meeting, with two-thirds of economists predicting a 0.25% interest rate cut.

💤 The trouble with tryptophan: Unless you plan to eat 8 lbs. of turkey next Thursday, you can’t blame the bird alone for your après-feast sleepiness, say experts.* Simply eating more than your fill is likely the main cause of any post-meal drowsiness, not the myth of tryptophan. The “sleep economy” on the other hand, is wide awake, as Americans are investing in $2,000 to $5,000 smart mattresses, to wearable devices, supplements, and more for a better night’s sleep – with the industry reaching a record high of $585 billion* for 2024.

Turkey talk

While many Americans are getting to work on their recipes next week, more than 50* Butterball hotline operators will be ready to aid Thanksgiving hosts with any turkey troubles.

Butterball says it answers more than 100,000 calls and texts every November and December on its Turkey Talk-Line. The most burning question* asked is “when and how do I thaw this thing?”

For many though, the holiday offers the chance to disconnect, even if 49% admit to checking their email while in vacation mode. 

Pie in the sky

Travel could take a big bite out of your wallet this year. Nearly 47% of American adults intend to spend over $500* on Thanksgiving travel, while one-third (nearly 86 million Americans) say they’ll spend $1,000 or more.

According to Google Flights data,* Orlando is the most-searched destination for Thanksgiving travel, followed by Cancun, New York, Tokyo, and London.

Sunday, December 1, is the busiest and most expensive time to fly, with travelers paying 45%* more on average than those who return the following day, Monday.

If your flight is delayed, new rules may now entitle travelers to an automatic cash refund – not just a voucher.

The making of The Macy’s Thanksgiving Day Parade, a nearly century-old American tradition, can exceed $13 million* each year. Filling each larger-than-life balloon can cost a minimum of $510,000.

The Macy’s annual parade returns live on NBC, CBS, and some streaming platforms. Many marvel at the magic from their couch, though some splurge on a front-row seat at one of the city’s well-situated restaurants on the parade route, which can run from $850* per person.