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.
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.
That’s also without escrow for taxes and insurance (some, not all states)