As of 2019, around 65% of americans own their own homes. That's down somewhat from the peak of 69% in 2004. So, far more than the "top 5%".
That 65% includes people who bought housing while it was still possible to do so without being in the top 5% of earners
That's essentially only true in SF, NYC, Seattle, and maybe DC — and that can largely be attributed to local land use restrictions more than anything else.
Here's a list of the salary required to afford the median home -> https://www.hsh.com/finance/mortgage/salary-home-buying-25-c...
This thread breaks down the ratio of home-price-to-median-income per MSA -> https://twitter.com/jmhorp/status/1221828310000271361
There's an entire zone of "Fine, American Cities", all affordable to both Boomers and Millennials. There are dozens of metro areas you can move to, buy a home (if you like), and start saving your income.
By definition the median income cannot win a bidding war for housing when there’s only enough supply available for the top 5%.