The housing game is 'rigged': Real estate star exposes the hidden
prioritysuntimes.com · post 75555 · 2026-09-29
NEW YORK, September 29 — The story begins with a warning from one of America’s most visible real estate voices: the U.S. housing market has become a rigged obstacle course for buyers. On September 25, 2026, Ryan Serhant spoke from his SoHo headquarters to Fox News Digital, arguing that rising mortgage rates are only part of a broader affordability crisis. What unfolded in the interview was a detailed breakdown of the hidden costs squeezing homebuyers.
Serhant emphasized that while headline figures like mortgage rates and home prices dominate the conversation, they represent only a fraction of the financial burden. As of Thursday, September 25, the average rate on a 30-year fixed refinance was 7.11%, up from 7.07% the prior week, while the average 15-year fixed refinance rate stood at 6.34%, according to the Mortgage Research Center.
At its heart, Serhant’s message was about the cumulative weight of expenses beyond the mortgage. He pointed to rising property taxes, insurance premiums, and local regulatory friction as increasingly decisive factors in where families can afford to live. Specifically, he cited New York City’s pied-à-terre tax on non-primary residences as an example of local policy that discourages sales without forcing price reductions, ultimately contributing to market gridlock.
For those involved — middle-tier buyers seeking mobility — the consequences are tangible. Serhant noted that homebuyers prioritize jobs, education, and safety over political rhetoric when choosing where to live.
Yet he cautioned that states like Florida and Texas, often attractive for having no state income tax, may carry hidden costs: property taxes near 2% of home value, high sales taxes, and expensive homeowners insurance in disaster-prone areas. He added that unexpected expenses from hurricanes, tornadoes, earthquakes, or wildfires can further erode affordability. The stakes extend beyond individual households.
Serhant argued that local policies like the pied-à-terre tax can freeze market activity by discouraging transactions, locking buyers into place despite their desire to move. A Redfin report cited in the segment showed U.S. home prices rose 3.7% year-over-year in August 2026, the fastest annual growth in a year. He concluded that the housing game is ‘rigged’ by those who designed the obstacle course, favoring stability over mobility.
Looking ahead, the focus will remain on how local and federal policies shape access to homeownership. With the Federal Reserve having raised the federal funds rate target range from 3.5%-3.75% to 3.75%-4.0% the previous week — marking the first increase since July 2023 — borrowing costs are likely to stay elevated.
For now, Serhant’s warning stands: the true barriers to buying a home are not always visible in the headlines, but they are deeply felt in the budgets of American families.