Reply to How many people in your social group had family support in buying a house?

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[quote=Anonymous][quote=Anonymous]In my mid-30s and grew up UMC. Most of my social circle from childhood/adolescence had their college and downpayment paid for by parents or grandparents (or a combination). Yes, it is a form of wealth transfer and extreme privilege.

To answer the 'how would you know this' question, it becomes pretty apparent when most of your friends are buying houses immediately after graduation or houses that are worth well beyond 4-5x the ballpark of what the person is making. Some talk about it openly, because it is pretty normal among our friends. We know of a few families where kids were given different amounts and it caused drama, so we heard about it there. Others have brought it up while weighing the decision to have a smaller PITI/larger amount down vs. buying more house.

For the "we like to spend our time with adults" person, I fail to understand what you think an 'adult' would do if offered money towards their home purchase. Turn it down? Suffer to prove a point? For plenty of families this is a form of estate-planning, and the 'adult' thing is to maximize the families' financial situation. [/quote]

It’s only one form of estate planning and you wouldn’t be offered nor would you take the money if you could pay for that stuff yourself.  You’re getting it because it’s understood you’re not going to get there on your own.[/quote]

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