How many people in your social group had family support in buying a house?
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Anonymous
|
And what age range are you talking about?
I know it's not the only way but it appears generational wealth is playing an increasingly important role in young(er) folks buying homes in expensive areas like ours. I'm curious whether others are seeing the same. |
Anonymous
| Everyone. |
Anonymous
| Most. Among neighbors that we are very good friends with, very few for our starter home, but it was in a neighborhood of 400k ranches. Now that we are in our second house, everyone that we are fiends with who discusses finances had at least some family help either purchasing or renovating after purchase. |
Anonymous
| Not a single one. |
Anonymous
Same. |
Anonymous
Same, as far as I know. |
Anonymous
|
On DCUM I learned that a lot of people received downpayments from parents. A lot of that reporting may be the green-eyed monster, honestly, and a self-selecting, wealthy social circle. Most people in the world do not receive help from their parents. We started out in the area in a one-bedroom rental in Silver Spring and went on to a little house in Bethesda. No one in my middle class (not upper middle class DCUM) circle of friends received help from their parents. We are the only ones, and the loan we received was not a gift. We repaid it. |
Anonymous
| I don’t know anyone in my social circle who received help on their homes. But we don’t talk about such things. We did not receive help nor did any of my siblings or DH’s siblings. We started out in a tiny 1940’s brick box, moved to a 1960’s split level, and finally to another 1940’s close-in small red brick colonial (this is what one gets for over a million?). None of our houses were luxurious nor in prestigious neighborhoods. But that’s what we could afford on a $500k salary and no parental help. We save a lot of our income though and hope to be able to help out our children on their down payments. I didn’t know it was a thing until I read DCUM—generational wealth. |
Anonymous
| I have no idea because this is not something that would be talked about. |
Anonymous
| Paying for college is indirect support. |
Anonymous
Same. I not only have no idea, but I also have no interest in the information. I admire people's houses, ooh and ahh where appropriate and enjoy people's company. Everyone has a different story. We have a pretty good house, and we know many that have bigger and nicer houses, but even more than have smaller or less expensive houses (we probably around the 70-80th percentile in house size/worth in our circle). I care about the people more than I care about the house or the source of the money for their houses. |
Anonymous
| Yeah, why would anyone know this? |
Anonymous
| A lot more than will admit. |
Anonymous
| None. Those aren't our people. We have purchased and sold seven homes. We have never had "help" from mommy or daddy. We like to spend our time with adults. |
Anonymous
| I do not know how anybody I know paid for their home or whether there was family help |