Celebrity real estate broker Ryan Serhant says young Americans must let go of the old “my dad bought a house for $50,000” narrative, arguing that world no longer exists — and today’s buyers face a very different housing reality where affordability, ownership, and even the American dream have fundamentally changed.
“You have to understand that your baseline starts right now. We are not going back anywhere. We’re not going back to the rates and the market we had in 2021. We’re not going back to 2015. We’re also not going back to 1991,” Serhant told Fox News Digital. “The old baseline of affordability where the median-income buyer could reasonably plan to own a house, I think, is gone for most of the country.”
Last month, the National Association of Realtors reported that the median age of first-time homebuyers hit a record 40 — the highest ever — due to tight inventory and longer saving and search times. The trend reflects the broader demographic shift Serhant noted, with CDC data showing rising birth rates among women 30 and older.
“There is a cost of living for everybody. You’re either paying rent or you’re paying property taxes, you know, you’re paying interest on loans. And sure, if you’re making a big bet on appreciation, which we do in our business all day long, it is much better to own than it is to rent, but you don’t have to. I think the American dream is a happy life defined by growth and success, in whichever way you determine your success,” said Serhant. “I think the strain on the new American family is a massive issue. And people can’t afford to buy houses, sell houses, have kids. And I think that, yes, demand remains. First-time homebuyers, like I said, are the strongest market we have right now, in part fueled by baby boomers who are paying cash so their son or daughter could have a house. But I think affordability needs to be redefined.”
Serhant says baby boomers are still the nation’s biggest homebuyers — often purchasing on behalf of their children. A 2024 Intuit Credit Karma study backs this up, finding 44% of Gen Z hopeful buyers expect parental help with their first home, compared with just 16% of millennials.
“It’s boomers buying for millennials and Gen Z. And oftentimes, they’re the ones at the closing table. And so you have a lot of young people living in houses that are owned, but the 60-year-old bought the house. That brings the median age up,” Serhant explained. “I think more younger people are living in homes they own or homes that were bought for them than ever before.”
As a father, Serhant said he doesn’t plan on buying his children their first homes — though he understands why parents want to ease that “stress.”
“My daughter is 6. I’m hopeful she’ll figure it out,” he said. “My parents could have bought me a house, they could have bought me an apartment. But the minute I finished school, I was 100% on my own. And what they told me was, ‘You can always come home. If you come home, you’re gonna have to listen to us and follow our rules. It’s our house. But you’ll never be homeless. You’ll never starve. You’re not gonna die. You can always come home. But if you want to do anything else with your life that does not revolve around living with your parents, that’s on you. We’ve done our part.’”
Serhant added: “I would not be where I am today if my parents hadn’t helped me… But I do appreciate that I understand the value of a dollar and how the world works, because I had to figure it out on my own.”
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