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Message
re: Corcoran CEO: Gen Z must stop buying Starbucks to afford to buy a house
Posted on 10/28/25 at 3:39 pm to Bayou_Tiger_225
Posted on 10/28/25 at 3:39 pm to Bayou_Tiger_225
quote:
But let’s just play this out. Say they are saving $250 a month towards a home and then cut out a lot of other “luxuries” to save an additional $250 a month towards a home. In four years they would have saved $24k. Take out 4K for closing costs/moving expenses and that leaves you with a 20k down payment, or about 6.6% on a 300k house.
Now say they started this plan 4 years ago. That 300k home has turned into a $340-$350K home, increasing in value greater than the rate they could even save. I’m not saying it’s unobtainable, but that’s a daunting task.
This sounds like my situation 20 years ago. I had to work and save relentlessly for my first few years in a job with my wife. I didnt even have 5% saved up for a down payment on our house. Instead I got two mortgages on my first home and had to work hard to payoff the 2nd mortgage and build equity. After about 6 years we refinanced and life became a LOT easier.
1
Posted on 10/28/25 at 3:42 pm to DownSouthJukin
quote:
She’s not wrong.
She kinda is. I mean, my first house payment was $700 for a newly constructed home. In our area, you can't find a house for less than $290k that doesn't need a ton of work. My daughter and her future husband have been searching for months. She could make better money choices, but he is very frugal. Both work and have good jobs. It's a major issue for young people right now.
Posted on 10/28/25 at 3:45 pm to notsince98
After I graduated college I landed a job in Big 4 and lived with my parents for 2.5 years saving pretty much everything I made and passed the CPA.
It wasn’t overly fun, especially trying to date, but it set me up for success financially. Found a good woman who didn’t mind me living with my parents and I was able to buy a house for us right before we got married. Being a home owner at 25 felt like a real milestone. It also really helped that the timing was nice and I was able to get an interest rate in the low 3s. That let me skip the starter home and get something that I don’t have to move from after having a couple kids
It wasn’t overly fun, especially trying to date, but it set me up for success financially. Found a good woman who didn’t mind me living with my parents and I was able to buy a house for us right before we got married. Being a home owner at 25 felt like a real milestone. It also really helped that the timing was nice and I was able to get an interest rate in the low 3s. That let me skip the starter home and get something that I don’t have to move from after having a couple kids
This post was edited on 10/28/25 at 3:48 pm
Posted on 10/28/25 at 3:47 pm to stout
quote:
Point is you can buy a house with as little as 3% down
which is a retarded move from a financial perspective. lmao.
Posted on 10/28/25 at 3:48 pm to jclem11
quote:Not really. It 100% depends on the situation
which is a retarded move from a financial perspective. lmao.
I put down 3% and given the circumstances it was 100% the right decision
This post was edited on 10/28/25 at 3:51 pm
Posted on 10/28/25 at 3:48 pm to jclem11
quote:
which is a retarded move from a financial perspective. lmao.
OPM, baw
Posted on 10/28/25 at 3:48 pm to jclem11
quote:
which is a retarded move from a financial perspective. lmao.
In some cases it's probably cheaper than rent right now.
Posted on 10/28/25 at 3:49 pm to stout
quote:
I have family there. Been there plenty.
Then you should know someone who lives south of marksville would hardly ever go to Alexandria
Posted on 10/28/25 at 3:49 pm to Mingo Was His NameO
quote:
People SHOULD be able to afford leisure activities and a decent home too, this isn’t fricking North Korea
Well I didn’t grow up that way and I don’t live that way now. I very rarely eat out, don’t ever door dashing anything, have never had Starbucks (admittingly I do t drink coffee) and hardly ever got out for drinks. I also bring my lunch in almost everyday and eat my leftovers. I also drive my vehicles for at least ten years. It isn’t that hard to do but does take some discipline.
Posted on 10/28/25 at 3:51 pm to stout
quote:
Millennials have the crypto boom and probably some of the greatest bull runs in the history of the stock market
So did Gen X, during their working years
I said it wasn’t all that different, you just want to argue
Posted on 10/28/25 at 3:52 pm to Btrtigerfan
quote:
Netflix, Hulu, espn, Nintendo, Xbox, tinder, and many other all add up.
Do they add up in practice when everyone is using each other’s log ins? I doubt I know a single person my age who pays for every service they have.
Family, significant other, roommate, friends, etc. I know there’s stories all the time about cracking down on password sharing, but between my family, my parents and my wife’s parents, we have access to several streaming services but we only pay for netflix. Been that way for years.
Older people (who are financially successful) love to talk about wants and needs and how they made it by holding off on the wants.
Obviously one needs to live within budget, but these people seem to never grasp that the paradigm is the opposite of what is was when they were coming up. You could satisfy your basic needs (housing, food, insurance, transportation, education, utilities) relatively cheaply, while luxury items like electronics were relatively extremely expensive. A new tv and a computer might be a year’s worth of rent in a normal, safe area back in the 80s. That’s like 3 or 4 weeks of rent today. And probably in a shittier area.
Also I like how this dumb bitch said it was harder back then because she only wanted to live in a handful of areas. Sounds like she’s exactly the person she’s lecturing.
Posted on 10/28/25 at 3:53 pm to Mingo Was His NameO
quote:
I said it wasn’t all that different,
Yeah but LSUPride is saying otherwise.
I said earlier that GenX and Millennials have pretty much gone through the same ups and downs. Sorry if I confused the point you were getting at.
Posted on 10/28/25 at 3:53 pm to Bayou_Tiger_225
quote:
Not really. It 100% depends on the situation I put down 3% and given the circumstances it was 100% the right decision
I did too, but rates were 3%, not 7%. It’s retarded 99.99% of the time right now, and you know that
Posted on 10/28/25 at 3:54 pm to RedHawk
quote:
Well I didn’t grow up that way and I don’t live that way now. I very rarely eat out, don’t ever door dashing anything, have never had Starbucks (admittingly I do t drink coffee) and hardly ever got out for drinks. I also bring my lunch in almost everyday and eat my leftovers. I also drive my vehicles for at least ten years. It isn’t that hard to do but does take some discipline.
Some people like to be a part of society
Posted on 10/28/25 at 3:56 pm to PCRammer
quote:
This is part of the problem. You think you're settling by wanting an average house. My first in 2005 was 135K, which was about 100K below median. It wasn't in the best location in relation of things to do, but it was safe, and I was proud to own it. That same house sold a few years about for 195K, but I bet most people complaining they cannot buy a house would not even entertain owning this house.
This is a huge part of the problem. People starting out now want a house like their parents and new cars right out of the gate. I still don’t live in a median priced home and probably never will, but am perfectly happy with what I have and where I live.
Posted on 10/28/25 at 3:56 pm to stout
quote:I just said Millenials had it worse
Yeah but LSUPride is saying otherwise.
It isn’t just housing, the rise to get similar education, other goods, etc as compared to gen x was worse. And now gen z has it worse than both and I’m certain the next generation will be even worse
The American dream of anyone being able to build wealth through going to college anffordably and owning a home early in life is pretty much dead.
It’s a damn shame
This post was edited on 10/28/25 at 3:57 pm
Posted on 10/28/25 at 3:57 pm to RedHawk
quote:
This is a huge part of the problem. People starting out now want a house like their parents and new cars right out of the gate
No they don’t
Posted on 10/28/25 at 3:57 pm to Mingo Was His NameO
quote:I didn’t say it wasn’t ?
I did too, but rates were 3%, not 7%. It’s retarded 99.99% of the time right now, and you know that
All I said was it isn’t always a retarded decision. No need to get grumpy with me about it
Posted on 10/28/25 at 3:57 pm to Mingo Was His NameO
quote:
Some people like to be a part of society
I have too many friends as it is.
Posted on 10/28/25 at 3:58 pm to RedHawk
quote:My god how many ridiculous things can y’all pull out in one thread?
People starting out now want a house like their parents
Young people today would love a clean, 1500 sq foot house in a safe area of a medium size city that’s affordable.
It doesn’t exist anymore
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