Anonymous wrote:Unpopular opinion but I’m letting my kid move home after college to save money for a few years. Although he went to an SEC school his best job offer was back in this area. I’m hoping the lack of debt from school and saving a few years of rent money will help him save for a down payment. I’m never home anyway so he’ll be helping me out by keeping an eye on the place.

This set up is pretty common now.

Unpopular opinion but I’m letting my kid move home after college to save money for a few years. Although he went to an SEC school his best job offer was back in this area. I’m hoping the lack of debt from school and saving a few years of rent money will help him save for a down payment. I’m never home anyway so he’ll be helping me out by keeping an eye on the place.

1st- you bought a home and then refinanced.
2nd- you bought a starter home
3rd- your price tag was just as steep

So, what's different? They aren't going to buy large home in the high income district. They are going to buy something according to their HHI, like you did and we did.
They can refinance later, like I did many many times, starting with the interest rate of 17, then 12, then, 10, than 8, then 4 then 2.8.
After they live 10,20 or 30 years there, they will sell if they want to, or stay, with the same appreciation that you got- that just literally happened to you in the last few years.

You weren't in a special time and either are they.

Build more homes.

Its like my SIL and her DH earn well but prefer to live a nice area, send kids to private schools, throw fancy parties, live like their social circle etc., no wonder they can't save and buy a home of their own. Lifestyle swallows their income and affordable areas are beneath their standards. Its been 30 years like that and now at retirement, they have little saving and can't afford their fancy rentals.

Anonymous wrote:

Anonymous wrote:Parents helping or they settle somewhere else, with a lower cost of living.

There is no lower cost of living anymore unless they go. to a dumb state like Missouri, Alabama or Arkansas YUCK

Better than living in the snake infested swamp.