A 60 year old couldn't touch anything other than a run down trailer sitting on some mud-hole they rent for 4k. More likely it would be ten times that amount for an old 3 bedroom A frame that costs more to heat in the winter than your mortgage payment.
The problem here is that when they (and I) were young, minimum wages jobs were only stepping stones held by teenagers looking for extra cash and people needing to prove or establish their work ethics and move on to bigger and better paying jobs. They were not careers you worked your entire life at or expected to work without raises for 10 or more years. There used to be jobs available that an unskilled worker could obtain and be trained on the job and work their way up in pay. It was expensive to train people so someone who has held the same job for a year or two in good standing was prefered over someone who has had 15 jobs in the last 3 years or no prior job experience. This isn't true as much any more for a variety of reasons but the better jobs aren't as available primarily due to offshoring and increased costs of doing business from regulatory and taxing costs.
It's is false to say more money that gets hoarded by the top X%, the less that flows into buying things like houses, cars, clothes, vacations, gadgets, etc. That assumes that money and wealth is finite and it has to be shared among existing people. First, the top X% doesn't hoard their money under a mattress or in a hole by the shed. They invest it into other ventures and loans for a return. When theses ventures create wealth at a value, more money is essentially created in that either more money is printed to match the value of the dollar or the value actually increases (deflation).
If your job is essentially providing a service that take wealth from one place and moves it to another, it creates only value and not wealth (fast food employee, lawyer, accountant, regulatory compliance and so on) . If your job is taking trees and processing them into sticks of lumber that in turn build things, it is creating wealth as well as value (although at the expense of natural resources). So is building the houses and so on.
What needs to change is not how much money people at the top hoard, get taxed, or how much the people at the bottom are required to be paid, but how the entire system is currently working. What needs to change is that more jobs need to create wealth instead of just value. This entire situation corrects itself in short order when that happens. Every generation can likely look back and find times when things were better, when nostalgia says we need a return to when it was great again. When there were more opportunities for higher paying jobs, when you didn't need to work 90 hours a week to maintain being in the middle class. Every generation can find times similar to this and one thing in common is that a lot of the jobs created wealth- they made a tangible product whether is was taking raw steel or aluminum and ending up with a car, digging holes in the ground mining coal, or building houses, picking cotton and turning it into a shirt or window treatment or whatever. While it is still found, it is a lot less than it used to be.