Corcoran CEO Urges Gen Z to Skip $5 Coffee for Homeownership as Rates Drift Lower
Updated
Updated · Fortune · Aug 9
Corcoran CEO Urges Gen Z to Skip $5 Coffee for Homeownership as Rates Drift Lower
1 articles · Updated · Fortune · Aug 9
Summary
Pamela Liebman told Gen Z and young millennials to cut small daily expenses—coffee, Ubers, takeout and frequent nights out—to build a down-payment nest egg for a first home.
The Corcoran CEO said lower interest rates should bring more homes to market by loosening owners locked into 3% mortgages, but pent-up buyers are likely to jump in too, limiting any near-term price relief.
In New York, Liebman argued buying a first home is no harder than it was 30 years ago, saying today’s buyers at least have more neighborhood options than earlier generations did.
Her practical advice was to compromise on location and apartment quality, use shared housing or cheaper areas such as the Upper East Side, and trade up later as savings accumulate.