Reply to Who here is regularly supporting their adult children financially?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I wonder about this as well. My son graduated last May from a top school and got a job paying $78K a year that he started in September. He's currently living at home to save some money. Lots of his co-workers (similar jobs, same experience) have apartments in Clarendon and Dupont. I just don't know how these kids afford it and still have a social life. My son, granted, is putting a lot of money away. He would really like to buy a condo vs. pay rent, but interest rates are too high right now. I do wonder how many of these kids with their own apartments are getting help from parents. We could easily afford to help him, but I'm not quite there with it. We would definitely help with a down payment on a condo though.
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Condos tend to appreciate less and they have high HOA fees. Might not be wise to buy one. [/quote]

Not necessarily and better to build equity then pay landlords mortgage.[/quote]

This----my kid's rent just went up 30% in one year (new management).  They are staying because they can afford it on their own, but know we will help if needed.  Also, that's $300 more per month.  It would cost them $1K to move, an extra months rent to overlap (as they have a planned vacation during the time their lease would expire) and in reality most places they would move are similarly priced, the landlord/management team just raised the rents to be more in line with the market in the area (they were an incredible deal previously).  
For them, 2 years out of college it makes sense.  But once they are certain they want to stay in a certain area and are ready to deal with maintenance of home ownership, we will help them purchase a condo/TH/Home[/quote]

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