Corcoran Group CEO says Gen Z’s housing market struggles mirror what boomers faced 30 years ago: ‘Stop buying Starbucks coffee,’ she advises
Submitted 3 weeks ago by return2ozma@lemmy.world to aboringdystopia@lemmy.world
Comments
Formfiller@lemmy.world 3 weeks ago
AtariDump@lemmy.world 2 weeks ago
floofloof@lemmy.ca 3 weeks ago
CEO of a company that is actively making it harder for people to afford housing.
avidamoeba@lemmy.ca 3 weeks ago
These jokes write themselves.
TheJesusaurus@piefed.ca 3 weeks ago
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
0x0@lemmy.dbzer0.com 3 weeks ago
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.
brennesel@discuss.tchncs.de 2 weeks ago
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.
Quexotic@infosec.pub 3 weeks ago
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.
BakerBagel@midwest.social 2 weeks ago
I was going over the numbers and i realized last week that I, at 30, make less money per year than my parents did when they were 30 WITHOUT adjusting for inflation. My rent and used car payments are also larger than their mortgage and mew car payments were. Coffee has nothing to do with it
AntiBullyRanger@ani.social 2 weeks ago
Ignore [billionaires]
You ok there TheJesusaurus?
collapse_already@lemmy.ml 2 days ago
Boomers were buying houses 45 years ago. Buy 30 years ago they were on their third or fourth move. I think the struggle of buying a $35,000 house on an annual $12k salary was a little different than the fantasy of buying a $500k house on a $36k salary.
robocall@lemmy.world 2 weeks ago
I don’t buy Starbucks ever. Where’s my home?
MantisToboggon@lazysoci.al 3 weeks ago
Dumb cunt.
UnpopularCrow@lemmy.world 3 weeks ago
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.”
FoxyFerengi@startrek.website 3 weeks ago
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
avidamoeba@lemmy.ca 3 weeks ago
When they show you how stupid they are, believe it and remember it. The myth of meritocracy has to die.
AngryCommieKender@lemmy.world 2 weeks ago
The 0.01% has stolen $75,000,000,000,000 from US workers over the last 45 years, but sure.
spykee@lemmings.world 2 weeks ago
Stupid fucking bitch.
JohnnyCanuck@lemmy.ca 3 weeks ago
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)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.
aeiou_ckr@lemmy.world 3 weeks ago
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).
piwakawakas@lemmy.nz 2 weeks ago
Found this. No idea if the same source as OP, but says federal reserve data
JohnnyCanuck@lemmy.ca 2 weeks ago
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.
XiELEd@piefed.social 2 weeks ago
Stop buying Starbucks coffee
Ah shit, here we go again…
Lumisal@lemmy.world 2 weeks ago
That’s a good way to get a McDonald’s coffee express delivered to the face scalding hot.
aesthelete@lemmy.world 3 weeks ago
I have no idea who this person is nor why I would possibly give a shit what she has to say about anything.
ook@discuss.tchncs.de 2 weeks ago
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.
aesthelete@lemmy.world 2 weeks ago
Eh, not really. This is lemmy. Nobody hears you scream here.
I also forgot I even posted this.
WanderWisley@lemmy.world 2 weeks ago
postmateDumbass@lemmy.world 2 weeks ago
Boomers needed houses 50 years ago.
Gen X needed apartments 30 years ago.
Now you need a nice Transit Van.
CPMSP@midwest.social 2 weeks ago
Payment’s about the same.
Retro_unlimited@lemmy.world 2 weeks ago
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.
affenlehrer@feddit.org 2 weeks ago
What’s about us Y-Geners, why are we always left out :'(
Devjavu@lemmy.dbzer0.com 2 weeks ago
You’re the hopeless crisis generation.
BlameTheAntifa@lemmy.world 2 weeks ago
Can someone make sure she’s already on the menu? Move her up the list a bit.
reddifuge@lemmy.world 2 weeks ago
She got added to the Italian package.
paultimate14@lemmy.world 2 weeks ago
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.
merdaverse@lemmy.zip 2 weeks ago
2016 - millennials should stop buying avocado toast
2025 - gen Z should stop buying Starbucks
2034 - gen alpha should stop buying socks
Hegar@fedia.io 3 weeks ago
Rich idiot says dumb shit is not news.
SoupBrick@pawb.social 3 weeks ago
But money = smart, right? /s
GladiusB@lemmy.world 2 weeks ago
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.
FlashMobOfOne@lemmy.world 3 weeks ago
I want to punch every rich motherfucker who blames it on coffee purchases in the neck.
devolution@lemmy.world 2 weeks ago
Oh look it’s an out of touch white woman giving advice.
foodandart@lemmy.zip 3 weeks ago
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.
shalafi@lemmy.world 3 weeks ago
The coffee thing is a shortcut for saying, “Stop buying stupid shit.”
$10/day is a $300/month habit. That’s significant.
Still, not listening to the rich tell the rest of us how to navigate the world they fucked up.
OctopusNemeses@lemmy.world 2 weeks ago
People can do the math on that themselves. Let’s say $1000 into SP500 fund in 2010. Invest $300 per month. The markets have been returning on average about 8% per year. Next do the NASDAQ. That has been an incredible investment over the past 15 years.
obsoleteacct@lemmy.zip 2 weeks ago
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.
Dragonstaff@leminal.space 2 weeks ago
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.
mojofrododojo@lemmy.world 2 weeks ago
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
PillowTalk420@lemmy.world 2 weeks ago
They had to watch women, black people, queer folk and transgender people exist and they were scared.
mojofrododojo@lemmy.world 2 weeks ago
the horrors
Jason2357@lemmy.ca 2 weeks ago
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.
Catalyst_A@lemmy.ml 2 weeks ago
I was well alive and conscious back then. There was no crisis and home ownership was carefree. The 99’s were awesome. She’s just a lying removed. Boomers never faced any real challenge besides poor brown kids.
mojofrododojo@lemmy.world 2 weeks ago
they were complaining about the prices for their rentals probably
obsoleteacct@lemmy.zip 2 weeks ago
Boomers bought their houses in the '70s and '80s when the interest rates were 15%. It’s 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.
michaelmrose@lemmy.world 2 weeks ago
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
mojofrododojo@lemmy.world 2 weeks ago
valid
Baggie@lemmy.zip 2 weeks ago
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.
Trainguyrom@reddthat.com 2 weeks ago
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
buddascrayon@lemmy.world 2 weeks ago
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 born after Y2K.
wampus@lemmy.ca 2 weeks ago
Eh, I wouldn’t say ‘anyone’, but rather ‘most’. There are gen z in tech who made ridiculous salaries for years, salaries that dwarf the salaries of most in older generations. I mean, as an easy example I’m sure Big Balls and the DOGE boys made a killing fucking the government for Elon.
SereneSadie@lemmy.myserv.one 2 weeks ago
Those teeth look primed to be turned into a necklace.
Wizard_Pope@lemmy.world 2 weeks ago
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.
LadyMeow@lemmy.blahaj.zone 3 weeks ago
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Two_Hangmen@midwest.social 3 weeks 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.
princess@lemmy.blahaj.zone 3 weeks ago
it’s one latte, michael. what could it cost, $80?
Lon3star@lemmy.world 3 weeks ago
That’s also without escrow for taxes and insurance (some, not all states)
robocall@lemmy.world 2 weeks ago
The latte?!
HeyJoe@lemmy.world 3 weeks 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.
Tollana1234567@lemmy.today 2 weeks 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.
HubertManne@piefed.social 2 weeks ago
I have about 2k and when I talk about my expenses I always mention how I actually have a very cheap living situation. I don’t know how any americans are making it.
Tollana1234567@lemmy.today 2 weeks 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.
93maddie94@lemmy.zip 2 weeks ago
Not to mention taxes, which go up every year, insurance, which goes up every year, and home maintenance.
Bytemeister@lemmy.world 2 weeks 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.