Corcoran Group CEO says Gen Z’s housing market struggles mirror what boomers faced 30 years ago: ‘Stop buying Starbucks coffee,’ she advises
Corcoran Group CEO says Gen Z's housing market struggles mirror what boomers faced 30 years ago: ‘Stop buying Starbucks coffee,' she advises | Fortune
47 year old here.
Shut the fuck up you lying shit.
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?
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.
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.
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.
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.
Oh, look. Another out-of-touch moron, with a useless opinion.
Can someone make sure she’s already on the menu? Move her up the list a bit.
She got added to the Italian package.
The 0.01% has stolen $75,000,000,000,000 from US workers over the last 45 years, but sure.
CEO of a company that is actively making it harder for people to afford housing.
These jokes write themselves.
This would have been a completely out of touch thing to say 10 years ago.
To be saying it today is a choice. It's willing and malicious. She's just provoking people deliberately because the response is what she's after.
Ignore her
Or maybe it's virtue signaling to peers/investors rather than punching down for the sake of agitating the poors. Regardless, it's definitely somewhere between sociopathic and malicious.
Some of her statements are even more out of touch:
[...] even somebody who works with us who’s willing to spend $40 million, they’re compromising also [...]
And as a European this sounds crazy to me:
I haven’t cooked in 30 years, but [young people] love it.
Truly. Like, I got very lucky and own a home. There is no way in hell I could afford this market and I make double what I did when I bought this house.
Ignore [billionaires]
You ok there TheJesusaurus?
What could a house cost? $10?
im sure her name was just added to a few peoples lists for that statement.
I don't buy Starbucks ever. Where's my home?
Who is drinking Starbuccks in 2025? Just last month Starbucks closed 400 stores and laid off 900 employees in North America.
This will inevitably become "Gen Alpha is killing coffee shops". Fewer Barista jobs are available. The small, local coffee shop that is a nice quiet place to hang out or meet up with friends closes.
The problem is ghouls like her scraping value off the top of everything and hoarding that wealth like a dragon. Removing it from the system so their own personal number goes up.
Some of us aren't buying Starbucks you dumb twat. But bills still keep escalating. We don't need just Luigi. We need all of the Super Smash Bros.
2016 - millennials should stop buying avocado toast
2025 - gen Z should stop buying Starbucks
2034 - gen alpha should stop buying socks
Stupid fucking bitch.
ok, avoiding starbucks is easy because six fucking dollars for a coffee so they can pay their CEO 6,660 times what a barista makes, just so he can fly between seattle and sfo DAILY, yeah, that's easy, but that's not going to transform the entire fucking economy.
what boomers faced 30 years ago? lol, record low interest rates, cheaper education, much higher % of union participation, help me out here what was the rough stuff the boomers went through 30 years ago?
NO FUCKING TELL ME I WANT TO KNOW
They had to watch women, black people, queer folk and transgender people exist and they were scared.
the horrors
If a boomer was buying a house 30 years ago, they were between 32 and 50 years old. They were not buying starter homes 30 years ago. They already had equity.
Boomers bought their houses in the '70s and '80s when the interest rates were 15%. It's a big part of why the houses were cheaper for them.
Not giving them a pass. They did have what is likely the easiest economy in American history, but they didn't have record low interest rates.
In 1970 the median house was about 22k and median income for white families was 10k mostly via a single earner.
Minorities were of course fucked as usual.
You could save up and outright buy. Now a median household is 80k with 2 folks working looking at 800k anywhere near the jobs they work. With interest of course its more like 1.6M
valid
Boomers needed houses 50 years ago.
Gen X needed apartments 30 years ago.
Now you need a nice Transit Van.
Payment's about the same.
Cheap RV living on YouTube is quite popular because people are choosing to live in their vehicles and the freedom to be anywhere.
When I moved, I choose to live in my car for several months. It’s not too bad.
What's about us Y-Geners, why are we always left out :'(
You're the hopeless crisis generation.
Stop buying Starbucks coffee
Ah shit, here we go again...
That's a good way to get a McDonald's coffee express delivered to the face scalding hot.
Holy shit that was tough to finish that article. There are so many quotes from this idiot that are just fucking nonsense. Here are my top three:
“It is just as tough,” Liebman exclusively tells Fortune. “Back then, it was more difficult in some ways because you had less neighborhoods that people would live.”
Plus, she says, never has there been more opportunity at young people’s fingertips—not just when it comes to inventory on the market: “If you’re not afraid to show off your skill set, and you try and find yourself an opportunity where you’re going to be appreciated and where people are going to allow you to expand your horizons and hopefully add value to the company that you’re at, I think it’s an unbelievable time.”
“It’s not that expensive,” she adds. “So if you’re willing to move around, which people are now, I think that there are definitely opportunities out there… You’re going to secure a much, much less expensive apartment than if you are insistent on being in the West Village.”
I'm about to list my house for 20k more than I purchased it 3 years ago. When it goes on the market there will only be two other houses in the same price range (~100k range, with mine in the middle).
What she's saying is so insanely out of touch. That's a 70+ year old house and my elderly millennial ass could just afford it after years of saving
I won't be recomping the improvements I made to the house, that 20k is basically going to the realtors lol
When they show you how stupid they are, believe it and remember it. The myth of meritocracy has to die.
How much Starbucks do these rich assholes drink to think stopping that purchase would get me my own home?
Giving rich assholes more credit than they deserve: this advice is from the 90s. Boomers had to tighten their belts, pick up extra shifts, and scrimp and save to get a down payment for a "starter home". If someone one is a fucking idiot who doesn't understand anything about the economy for the last 30 years, they tell their kids and grandkids to do what they did...there's no such thing as a systemic issue, all you need is grit and give the manager a handshake yadda yadda yadda.
Isn't everybody drinking 25,000 worth of Starbucks a year?
there are actually people who get it more than once every day on average, literally a hundreds of dollars a month expense
and the fucking dumbest part of it is that that's still not enough to put a dent in a downpayment
To be fair...back in the 90's, all you had to do to afford a mortgage was to stop drinking Starbucks.
Moron, return to the 1950's and 60's, because that was the height of US consumer buying power.
I have no idea who this person is nor why I would possibly give a shit what she has to say about anything.
But now you commented somewhere online and kept interactions up with the article. So it has achieved what it meant to. To be rage bait.
Eh, not really. This is lemmy. Nobody hears you scream here.
I also forgot I even posted this.
I love whatever program it is that is job-placing these otherwise unemployable idiots.
Oh look it's an out of touch white woman giving advice.
I agree that buying your first home takes some sacrifices. But the sacrifices even 20 years ago were significantly less than they are now, let alone 40 or more years ago. I would hope that someone in her position would understand that it's not about saving $5 or $10 a day on Starbucks, or even buying a cheaper phone. The disparity between income and home price is just completely different.
Median household income in the US in 1980: $21000
Median home price: $47000 (2x)
Edit: $62000 (3x) is probably more accurate.
Median household income in the US in 2000: $42000
Median home price: $163000 (4x)
Median household income in the US in 2020: $67000
Median home price: $327000 (5x)
It doesn't take a genius to see the discrepancy here. That's a lot of fucking Starbucks coffees to not buy to make up the difference.
Note: I'm using US numbers because of the context.
Not disagreeing with the numbers but could you provide your source? I would like to use this next time my family says a house is cheap/good deal ($500k for 2b 2b in the sticks).
Found this. No idea if the same source as OP, but says federal reserve data
https://www.visualcapitalist.com/median-house-prices-vs-income-us/
I did it really quick, and just looked up the numbers from searches. There might be some difference from different sources, but it's in the ballpark.
That said, I've been following up on a bit and (for example) I'm changing the 1980 housing price to 62k, but the 3x still shows the issue.
It's really fucking weird for this article to not be pointed at Millennials. Not better, kind of worse actually, and very weird. Poor bastards have it worse than we did and they're starting to become the punching bag for no reason.
It's just the sign that us millennials have gotten old enough to no longer be the young adults that these wealthy fucks punch down on
Technically you're talking about zennials, or gen Z'ers however you want to refer to them. Millennials (1980-1999) are actually pretty well off in comparison to anyone most people born after Y2K.
I honestly don't want to think about how awful it's going to be for people born after 2010 when they reach adulthood.
I think what we gen Z need to do is to nail her to a fucking tree and then use her as target practice. Or skin her and then use the leather we get from that so we can make a windmill that generates energy. At least that way she will have contributed something to society.
Stop buying everything. Trade shit. Food? Ok, buy that and nothing else. Let it all burn.
Grow and trade food
I try to sell my excess produce below grocery store pricing, but people at the meet ups always tell me how they dont have enough money or got no money, if I can give it to them for free.
Now I just give it to a food bank
Acquire food from supermarkets and then leave. They just leave it sitting around all over the place, in there!
Stop buying Starbucks coffee
They already did lmao, my old town was cheering because two Starbucks locations went out of business and got replaced by local cafes lol.
Although tbf that was in SE Michigan which exploded in the cafe business after Qawah house started a chain reaction by accident.
Yeah probably shouldn’t be listening to this person
I want to punch every rich motherfucker who blames it on coffee purchases in the neck.
Those teeth look primed to be turned into a necklace.
Rich idiot says dumb shit is not news.
But money = smart, right? /s
As always there is something in german to respond to this (especially to this thumbnail):
„Du hast ein Gesicht wie ein Paar Latschen: Reintreten und wohlfühlen!“
Roughly translated to:
‚You have a face like a pair of slippers: step in and feel comfortable!‘ but with „reintreten“, here: ‚step in‘, primeraly meaning ‚to kick in‘.
Have fun with this random knowledge, copyright by K.I.Z., „Der durch die Scheibeboxxxer“.
Yeah.. I read the entire article, SOME of what she's said isn't too off the mark.. Starting out with roomates and scrimping at first.. but crabbing that someone buys coffee? Seriously?
Naah sis, you're missing the main point.. and that is percentages of income needed to get into a home today are multiples of what they were when you were starting out. Fuck that shit. Also, housing stocks were better and it had less to do with the number of units on the market, but that the market wasn't dominated by equity firms and REITs.
My biggest beef with housing was once they put the "no money down" equation into the mix, the prices soared.
Let's sink some yachts.
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I guess I'd believe this if all the hard data didn't prove it wrong.
Maybe I should become a conservative so I don't have to bother with hard data anymore and I can just let an almost deceased obese felon rapist tell me what to think.
I did, still poor. I get half my meals for free (food service) still poor. I split rent with 4 other people to the point where my bills are the lowest they've ever been in my life, still poor. Still poor, still poor and not making enough and everything keeps getting more expensive.
The idea that spending on coffee or avocado toast or whatever single food/drink item is causing a widespread drop in home ownership is idiotic enough, but this absolute moron managed to pick something with hard evidence of declining sales.
Booo! Get some new material!
Coffee is not the problem, CEOs are
I don't care who the fuck she is or what the fuck she says or why anybody is quoting her. Remove her from my oxygen source.
i was alive 30 years ago. No the fuck its not.
I haven’t had a drip of Starbucks coffee in my entire life
It's ok for the drinks they make where coffee is just one of several flavors. It's trash on its own though.
By boomer standards I'm lower middle class as an engineer. I could theoretically afford a kid or two and a small house, and with two incomes we could even do that while having occasional vacations and retirement savings. You know, the sort of life that so long as you didn't really fuck up you could afford as a boomer, but several years younger than me as well.
This is literally a Starbucks ad for boomers.
We should make an initiative where we collect donations and sends tons of maneur to theresidencies of rich people.
ignorant cunt
Okay
shorts SBUX
Yeah, sure, it's all about individual success, nevermind the actual population level trends, it's all on you to figure out some way to afford your life.
Some people need to know when to fold em and just sit the conversation out
This is some let them eat cake bullshit disguised as ignorance off her own industry. I'm not even sure who the fuck this messaging is for.
Rich boomers who are starting to suspect that they destroyed the world and need someone to tell them everything is fine, every single person under 50 is just whiny and lazy.