From skipping coffee runs to hosting dinner clubs, Corcoran Group CEO Pamela Liebman has one message for Gen Z: getting your first home takes sacrifices—but it’s doable, even in today’s pricey market.
The median price of a home in the U.S. is about $460,000.
Let’s say by some miracle someone is able to put 20% down to avoid PMI so the cost is now $368,000. On a 7% 30 year loan your monthly payments will be $2,448/month.
So if those darn Gen Z would stop spending $80, literally every day, at Starbucks, they could afford a home.
People that say shit like this are wealthy enough to be completely out of touch with reality.
As someone who is paying a mortgage around the $2,500 mark, I can say this is a steal compared to renting anywhere within 1-2 hours of my area. I want to sell, but I can’t afford to… if I wanted to and move elsewhere into an apartment, I can possibly get something as low as $1500 but its run down, in a bad neighborhood, and only a studio or maybe if im lucky 1 bedroom. $2000, it’s still terrible looking from what I’ve seen. $2500 or basically a mortgage gets you something ok, but at this point, why sell and get something worse??? 3k mark is the starting point to getting you semi luxery, but I can’t afford that! That’s why I want to sell to begin with! The entire system is fucked… I don’t envy anyone that is just about to start their lives and move out.
I have about 2k and when I talk about my expenses I always mention how I actually have a very cheap living situation. I don’t know how any americans are making it.
better off not selling, are in a hcol. one of co-workers are getting a studio for 2k/month, its hcol in the west coast. our job isnt in tech so we arnt well off people.
Sounds about right. Real world numbers… I financed ~317,000 for my house last year at a really good rate for the time (6.51%) and my monthly payment for the house was about 2100 a month. Add in insurance, taxes and PMI (basically no one my age has 60k laying around) and I’m sitting at 2500 a month.
Sounds insane considering the “luxury apartment” I left was 1550 a month, but the rates apartment managers are charging go up ~300-400 bucks a month when your first year is up. So in a few years, this house will be much cheaper than that shitty apartment.
Extra reason why this is dumb… Not buying a coffee will save you 3800 bucks a year. My house went up in value ~10k this year. Not buying coffee for a year doesn’t get you closer to the house. The real answer is we need a maximum wage cap, and anything above that cap is taxed at 100%. Companies need to be forced to pay workers appropriately for their work.
people are paying with cash, or full price right off the bat, aint no genz going to compete with that. its mostly milleneals who had been in tech for a while + having family to pitch in on the cost or repairs/renovation. our next door neighbor was like this, but they were delusional into thinking having a child gives a priority to purchase it first.
The median price of a home in the U.S. is about $460,000.
Let’s say by some miracle someone is able to put 20% down to avoid PMI so the cost is now $368,000. On a 7% 30 year loan your monthly payments will be $2,448/month.
So if those darn Gen Z would stop spending $80, literally every day, at Starbucks, they could afford a home.
People that say shit like this are wealthy enough to be completely out of touch with reality.
it’s one latte, michael. what could it cost, $80?
That’s also without escrow for taxes and insurance (some, not all states)
The latte?!
Gotta finance that latte
It’ll cost only 198 $USD in 2028 when you’re done paying 36th installment.
As someone who is paying a mortgage around the $2,500 mark, I can say this is a steal compared to renting anywhere within 1-2 hours of my area. I want to sell, but I can’t afford to… if I wanted to and move elsewhere into an apartment, I can possibly get something as low as $1500 but its run down, in a bad neighborhood, and only a studio or maybe if im lucky 1 bedroom. $2000, it’s still terrible looking from what I’ve seen. $2500 or basically a mortgage gets you something ok, but at this point, why sell and get something worse??? 3k mark is the starting point to getting you semi luxery, but I can’t afford that! That’s why I want to sell to begin with! The entire system is fucked… I don’t envy anyone that is just about to start their lives and move out.
I have about 2k and when I talk about my expenses I always mention how I actually have a very cheap living situation. I don’t know how any americans are making it.
better off not selling, are in a hcol. one of co-workers are getting a studio for 2k/month, its hcol in the west coast. our job isnt in tech so we arnt well off people.
Not to mention taxes, which go up every year, insurance, which goes up every year, and home maintenance.
Sounds about right. Real world numbers… I financed ~317,000 for my house last year at a really good rate for the time (6.51%) and my monthly payment for the house was about 2100 a month. Add in insurance, taxes and PMI (basically no one my age has 60k laying around) and I’m sitting at 2500 a month.
Sounds insane considering the “luxury apartment” I left was 1550 a month, but the rates apartment managers are charging go up ~300-400 bucks a month when your first year is up. So in a few years, this house will be much cheaper than that shitty apartment.
Extra reason why this is dumb… Not buying a coffee will save you 3800 bucks a year. My house went up in value ~10k this year. Not buying coffee for a year doesn’t get you closer to the house. The real answer is we need a maximum wage cap, and anything above that cap is taxed at 100%. Companies need to be forced to pay workers appropriately for their work.
people are paying with cash, or full price right off the bat, aint no genz going to compete with that. its mostly milleneals who had been in tech for a while + having family to pitch in on the cost or repairs/renovation. our next door neighbor was like this, but they were delusional into thinking having a child gives a priority to purchase it first.