Reply to Can we talk about parents buying their adult children luxury homes

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Oh please.

My parents did this, and it helped us build equity in a good investment. After a while we sold our first home and bought our second without any additional help.

It’s not different than any other advantages the well off have. [/quote]

And I am sure you paid your parents back for all that they did for you.[/quote]

If parents are trying to pull kids into the UMC, they don’t want to be paid back after they transfer wealth [/quote]

DP. If the parents are gifting their kids luxury homes, the family is UC, not UMC. [/quote]

not necessarily. I define upper class as enough wealth to be able to live off of that wealth. An attorney making 400k a year still needs to work to enjoy their life style. A kid with a trust fund generating the same amount does not need to work. The attorney will be able to help their kids buy a home, but those kids will also likely have to work to earn a living [/quote]

The attorney will be taxed more than the trust fund kid and if he/she lives on either coast, they will not have enough money to help their kids buy houses, no. People don’t start making $400 when they start working.[/quote]

if you don't think an attorney making 400k has enough to help their kid buy an 800k house, you have a very wrapped sense of savings [/quote]

Or you assume that they’re making this salary for years before they even have children, they don’t have housing expenses themselves, they benefited from previous real estate booms, don’t live in a high COL area, and have grandparents paying for their kids’ college.  Define help. $20,000? Ok. $160,000 down? Hell no.[/quote]

This.  An attorney making that much can certainly offer up some money to their kid but I'll venture to say that absent generational wealth and having his own expenses in his life, the "help" won't be as much as PP thinks.[/quote]

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