Pamela Liebman, CEO of real estate firm Corcoran Group, says that Gen Z and young millennials’ struggles to get on the property ladder are comparable to what baby boomers faced 30 years ago. Liebman, who joined Corcoran in 1984 at age 23, confirms that buying a first home in New York was already very difficult in the 1980s. She predicts that lower interest rates will increase housing inventory as owners currently locked into 3% mortgages finally sell, but she does not expect prices to drop in the near term. Her advice for young buyers: cut everyday discretionary spending such as Starbucks coffee, Uber rides, and dining out.
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