Looking to change my perspective on personal finance

I've recently heard two statements that made me question my perceptions on personal finance.

1. I recently moved for a new position and a coworker asked why I didn't buy a house. I told him 20% down plus closing costs would erode my savings too much and I like to have a conservative year of expenses in the bank in case things ever go south. He told me he put 5% down on a house. I thought this was a bad idea; most interest is paid early in the life of the home loan so this guy is paying a ton but not really building equity. That's my understanding at least.

2. Listening to CBS Sports radio yesterday, the commentators were listing top sports star's salaries. One commentator said a six figure income is the goal for most people but until he gets there, he'll be content to just keep a comma in his bank account after grocery shopping, etc. He said even having $1,001 after a trip would be a success. Surely this can't be the norm.

This kind of thing has me re-evaluating my knowledge of personal finance and where I stand financially. Is this how a majority of the population lives? How much (as a percentage) of your take home pay do you save each month? How much do you keep in the bank as a safety net? How much (as a percentage of total value) did you put down on your home?

I grew up on the lower end of the upper class so I know my financial perspective has been warped but now I'm seeing the other extreme (5% down/< $1,000 in the bank) as normal. Someone set the record straight for me. For reference, I'm single, 28, and started a career a 1 1/2 years ago after getting out of grad school with no debt. I make a bit under six figures including bonus but next year I will make just over six figures including the lowest bonus possible (one of three types of bonuses is guaranteed).