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Comment on Corcoran Group CEO says Gen Z’s housing market struggles mirror what boomers faced 30 years ago: ‘Stop buying Starbucks coffee,’ she advises

Two_Hangmen@midwest.social ⁨1⁩ ⁨day⁩ ago

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.

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princess@lemmy.blahaj.zone ⁨1⁩ ⁨day⁩ ago
it’s one latte, michael. what could it cost, $80?

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Bytemeister@lemmy.world ⁨4⁩ ⁨hours⁩ ago
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.

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Lon3star@lemmy.world ⁨1⁩ ⁨day⁩ ago
That’s also without escrow for taxes and insurance (some, not all states)

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- robocall@lemmy.world ⁨1⁩ ⁨day⁩ ago
  The latte?!
  
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  - Archer@lemmy.world ⁨1⁩ ⁨day⁩ ago
    Gotta finance that latte
    
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    HowAbt2day@futurology.today ⁨20⁩ ⁨hours⁩ ago
    It’ll cost only 198 $USD in 2028 when you’re done paying 36th installment.
    
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HeyJoe@lemmy.world ⁨1⁩ ⁨day⁩ ago
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.

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- Tollana1234567@lemmy.today ⁨1⁩ ⁨day⁩ ago
  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.
  
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93maddie94@lemmy.zip ⁨1⁩ ⁨day⁩ ago
Not to mention taxes, which go up every year, insurance, which goes up every year, and home maintenance.

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Tollana1234567@lemmy.today ⁨1⁩ ⁨day⁩ ago
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.

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