Summary
The Corcoran Group's CEO, Pamela Liebman, advised young people to save money by cutting unnecessary expenses, like expensive coffee, to afford homes. Millennials and Gen Z are struggling to buy homes due to high prices and borrowing costs. Homeownership is more challenging now compared to past generations.
Key Facts
- Pamela Liebman is the CEO of The Corcoran Group, a real estate company.
- She advised young people to avoid spending on non-essential items like expensive coffee to save for a home.
- Millennials and Gen Z face difficulties in buying homes because of high property prices and borrowing costs.
- Fewer people under 35 own homes today compared to baby boomers at the same age.
- The age of first-time home buyers in the U.S. is now 38, the highest since at least the 1980s.
- Home prices increased significantly during the pandemic due to low mortgage rates and limited supply.
- Despite an increase in housing inventory, prices remain high in many areas.
- Mortgage rates have risen, staying between 6% and 7% since 2022.
- Other housing costs, like taxes and insurance, have also increased in recent years.
