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Started By
Message
re: Corcoran CEO: Gen Z must stop buying Starbucks to afford to buy a house
Posted on 10/28/25 at 12:12 pm to RogerTheShrubber
Posted on 10/28/25 at 12:12 pm to RogerTheShrubber
In my office it seems like 80% of the people over 45 bring their lunch, while 20% of the people under 45 bring theirs.
Most go to Chick fil a, which is around the corner. But some do door dash, and every Thursday and Friday they have a food truck outside. Its that opportunity cost are different for different people.
Most go to Chick fil a, which is around the corner. But some do door dash, and every Thursday and Friday they have a food truck outside. Its that opportunity cost are different for different people.
2
Posted on 10/28/25 at 12:13 pm to notsince98
quote:I’m right on the cusp of millennial and Gen Z and own a home.
Her point is still valid. These are things that modern youth think are necessities: - $100+ monthly cell phone plan - Driving a new car and never living with a beater - Eating out endlessly and not just fast food - the fastest internet plan available - $30/mo gaming service subscriptions - Monthly carwash memberships - New, namebrand clothes - Not having a period in life living with 2+ roomates - SiriusXM subscriptions - Monthly streaming music subscription - Netflix, HBO Max, Hulu, Prime, Paramount+, subscriptions - Expensive vacations
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.
Posted on 10/28/25 at 12:14 pm to danilo
quote:
Gen Z goes to Starbucks? They just closed 3 of them in New Orleans and hundreds of locations nationwide
That's because of competition...Scooters, 7 brew and more locally PJ's and Jet Coffee
Posted on 10/28/25 at 12:15 pm to stout
quote:
Again, that is the average. You can get a mortgage with 3% down on FHA or 5% on conventional.
And your mortgage payment will only be 112% of your take home pay!
Posted on 10/28/25 at 12:16 pm to NIH
quote:
Right. And that’s great but you’re still talking about saving a few hundred bucks (maximum) against a monthly expense of $3000 + after whatever down payment is put down.
Yea I get that, and it's going to be area-specific, but just going off of medians for strictly starter homes
$243K with a 5% down payment of $12150 puts you at $1421 before taxes and insurance. That is manageable.
Now the median for all homes
$410K with a 5% down payment of $20,500 puts you at $2398 before taxes and insurance. That is still cheaper or as cheap as rent in a lot of areas.
A working married couple should be able to save up $20K or am I out of touch? I am 45 and I don't recall $20K being that hard to save when I was in my mid to late 20s.
Posted on 10/28/25 at 12:17 pm to TigerintheNO
quote:
In my office it seems like 80% of the people over 45 bring their lunch, while 20% of the people under 45 bring theirs.
And the people over 45 spend hundreds (thousands) on their kids athletics than the under 30 don’t.
BREAKING NEWS: Different demographics spend their money differently
This post was edited on 10/28/25 at 12:19 pm
Posted on 10/28/25 at 12:18 pm to TigerintheNO
quote:
n my office it seems like 80% of the people over 45 bring their lunch, while 20% of the people under 45 bring theirs.
My last two jobs were like this. Its definitely a pattern.
My granddaughter is like this. She is in HS, works and takes 3 college classes but eats out almost every meal.
This post was edited on 10/28/25 at 12:20 pm
Posted on 10/28/25 at 12:21 pm to stout
quote:
A working married couple should be able to save up $20K or am I out of touch?
So you save for 3-4 years, if you’re an above average earner, to save just enough for the down payment.
Hope you don’t need a new car, ANY home repairs on that starter home, a single medical issue, etc, etc.
And before “YOURE JUST POOR” I made $100k at 26 and bought my first home at 27. I just have enough of a brain to realize I’m not the median
Posted on 10/28/25 at 12:21 pm to PikesPeak
quote:
which is what average home cost is now
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 post was edited on 10/28/25 at 12:25 pm
Posted on 10/28/25 at 12:22 pm to RogerTheShrubber
quote:
My granddaughter is like this. She is in HS, works and takes 3 college classes but eats out almost every meal.
*Step*
Why don’t you cook for her since you’re retired?
Posted on 10/28/25 at 12:22 pm to Mingo Was His NameO
quote:
And your mortgage payment will only be 112% of your take home pay!
If you are buying a home at the median price of $410K you need to make $120K per year according to the affordability calculator, so yeah, that is out of reach for a lot of people.
I have long said that wage growth has failed to keep up with housing costs.
I am not siding with the CEO at all but I do think her statements have some merit.
Posted on 10/28/25 at 12:22 pm to stout
quote:
A working married couple should be able to save up $20K or am I out of touch? I am 45 and I don't recall $20K being that hard to save when I was in my mid to late 20s.
If they're saving up to purchase, they're likely paying rent in an apartment. When we moved in 2020, our mortgage was almost $300 a month less than our rent. Rent at the townhouse/apartment we were at has gone up close to $700 a month post-COVID.
And that's not taking into consideration the cost of "simple" things like groceries, insurance, automobiles going up. That's not even the luxury items folks are saying they shouldn't have.
Posted on 10/28/25 at 12:23 pm to stout
I looked up New York since that's where the the CEO was speaking about. Median home price is $450k for the state, $870k for the city.
For $300k you can get a bedroom in a co-op in the city.
Her statement about it being just as hard to buy a home years ago is laughably untrue.
For $300k you can get a bedroom in a co-op in the city.
Her statement about it being just as hard to buy a home years ago is laughably untrue.
Posted on 10/28/25 at 12:23 pm to PCRammer
quote:
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
Which is about $225k today, which won’t get you out of the ghetto in fricking Alexandria, much less a proper city
Posted on 10/28/25 at 12:23 pm to Mingo Was His NameO
quote:
*Step*
It really disturbs you dont it? Just tears your little OCD arse up.
quote:
Why don’t you cook for her since you’re retired?
I do, but her and her crew prefer to eat out with the money they make from their jobs because they arent slackers like yourself.
Posted on 10/28/25 at 12:27 pm to NIH
quote:
I’d think the average starter home in a big city metro is closer to $300k -400k at this point? Hefty down payment even at 9%.
It’s a lot more than that if you don’t want a 1+ hour commute twice a day
Posted on 10/28/25 at 12:27 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 house.
I have a flip going on the market soon. It will be priced around $180K and it is 1800 sq ft living. The area is decent but not nearly as desirable as the area of the 1400 sq ft DSLD new homes selling for $275K. Mine will be new inside but still people would rather spend $100K more for a smaller house in a new subdivision.
FWIW I gutted this one to the studs and everything is new. Not just a lipstick job like some flips.
Posted on 10/28/25 at 12:27 pm to RogerTheShrubber
quote:
I do, but her and her crew prefer to eat out with the money they make from their jobs because they arent slackers like yourself.
Didn’t raise your kids and can’t even raise your *step* grandkid on a second try. TOUGH SCENE
Posted on 10/28/25 at 12:28 pm to stout
quote:
The Corcoran Group: Luxury International Real Estate
Corcoran
LINK
Premier real estate company featuring thousands of luxury properties for sale/rent nationally & internationally. Search homes, condos, and townhouses now.
F'ing clueless to the life of the middle class
Posted on 10/28/25 at 12:28 pm to stout
quote:
I have a flip going on the market soon. It will be priced around $180K and it is 1800 sq ft living. The area is decent but not nearly as desirable as the area of the 1400 sq ft DSLD new homes selling for $275K.
So it’s in the ghetto, you just won’t admit it because it doesn’t fit your narrative
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