Celebrity real estate broker Ryan Serhant says young Americans need to forget the familiar story of "my dad bought a house for $50,000," because that world is gone — and today’s buyers are facing a new housing reality where affordability, ownership and even the American dream look far different from those of previous generations.
"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 released its 2025 Profile of Home Buyers and Sellers, which found the median age of first-time homebuyers rose to a record 40 years old — the highest ever recorded. The report attributed the change to limited housing inventory and longer saving and search periods.
RYAN SERHANT EXPOSES AMERICA'S NEW REAL ESTATE REALITY AND THE BIGGEST HOUSING SHIFT IN 50 YEARS
The record figure also reflects a broader demographic shift Serhant described, with data from the Centers for Disease Control and Prevention (CDC) showing age-specific birth rates have risen, as a larger share of births now come from mothers age 30 or 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," he continued.
"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," Serhant said. "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."
According to Serhant, one of America’s top real estate brokers, baby boomers remain the largest homebuyers — often by proxy for their children.
A 2024 study from Intuit Credit Karma supports that view, showing 44% of Gen Z prospective buyers plan to receive financial help from their parents for their first home, compared to 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 himself, Serhant distanced from the idea that he might one day help his own children buy their first homes — but said he understands the desire to take that "stress" away.
"My daughter is 6. I'm hopeful she'll figure it out," he said.
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"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," Serhant said. "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.’"
"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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