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]I don't think this is a "trend" per se, it's just parents giving their children what they can afford. In your instance,  you are hanging out with people whose parents  can afford to help with $800+  homes.

This is very common in other parts of the world. The childhood home I grew up in (not here) was given to my dad by his parents.  
My DC are preschoolers now, but when the time comes, if I can afford to do it,  I will absolutely help with housing. 
 [/quote]

Sure, I think it's one thing to help with housing, it's another to put them in a home they would never get close to be able to afford. Forgetting even just the principle and interest on these mortgages the property taxes and maintenance alone on these houses would take a chunk out of their salary. There is also the matter of what others in their circle think or know of them. I feel like this is almost a face saving or vanity measure for the parents. Yeah my kid only makes 55K but if I put them in a 800K house nobody will think that, they'll think they're "winners" just like me. 
[/quote]

I mean...a $800K in a HCOL area is a starter home anywhere else. You're looking at the price tag instead of the actual house, square footage, and amenities.

Would you prefer the parents let their $55K/year kid buy a trailer home and raise their grandchild there? Because that's what the income affords without intervention.[/quote]

55K only gets you a trailer home in DC SF or NYC. You can buy a home or an apartment in another town that isn't HCOL after all even with the housing boom now the median home price is around 350K . They are also not necessarily buying them in HCOL areas, just stated it to make a point that the parents could afford to do this or that the children were accustomed to luxury housing. One of them bought in a suburb of Austin TX and at 800K they are living in 4500 sq ft  new built Spanish style home with a private pool[/quote]

“Private pool?”  Why the exaggeration?  It’s a house with a pool.  [/quote]

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