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

Gen Z and millennials are finding it increasingly difficult to enter the housing market, as Pamela Liebman, CEO of The Corcoran Group, reveals. She notes that the situation is no different than what previous generations faced. Liebman, who joined Corcoran in 1984 at 23, has witnessed major market crashes and shifts over her 40-year career in real estate.

She recalls that the meat packing district, once an undesirable location, is now highly sought-after. In the 1980s, desirable neighborhoods were limited to places like the Upper East Side, Upper West Side, Chelsea, and Flat Iron. Today, there are more options available, but finding first-time rentals or starter apartments remains challenging.

Interest rates are slowly coming down, which Liebman believes will trigger a shift in the property market. As rates decrease, more homes will hit the market, providing more inventory for those locked into higher mortgage payments. However, the prices are not expected to decrease anytime soon.

Liebman suggests that Gen Z and millennials should not stress about finding the perfect apartment in a specific area. Instead, they should consider moving to less expensive locations, such as the Upper East Side instead of the West Village. She also advises young people to cut unnecessary expenses, like buying Starbucks coffee or taking Uber instead of the subway. One money-saving trend she approves of is dinner clubs, where young people cook meals for each other, saving money and having fun.