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Monday's Most Active Threads

by Jeff Steele last modified Jun 19, 2024 03:19 PM

Yesterday's topics with the most engagement included living in homes owned by elderly relatives, Stanford University success stories, replacing Biden, and swim team domination of a community pool.

The first of yesterday's most active threads that I will discuss was titled, "Shocked at how many families in nice DMV neighborhoods are living in relatives' homes" and posted in the "Real Estate" forum. The original poster says that she has a child who just finished kindergarten in an upscale DC metropolitan area neighborhood and has met "at least a dozen families" who are living in homes owned by elderly relatives. She has also met families in similar living situations in other upscale area neighborhoods and believes this practice is very widespread in the area. The original poster advises others who may be struggling to save a downpayment or afford childcare and who may wonder how others are doing it, that this is one of the ways. She further alleges that this practice is causing others to be shut out of desirable neighborhoods. The high cost of area housing, particularly in highly-desirable neighborhoods, has long been an issue of debate in the DCUM real estate forum. One factor driving up costs is the limited inventory of houses on the market in these neighborhoods. To the extent that elderly residents providing housing to younger relatives rather than selling their homes further constrains inventory, this would obviously limit the available homes for sale and contribute to price increases. Among those responding, there is a bit of a chicken and the egg phenomenon. While some posters, like the original poster, argue that adult child living in their parents' homes helps drive up prices, others suggest that adult children are encouraged to choose such arrangements due to the high cost of housing. A number of those responding are quite aggravated that these parents provide housing to their adult children rather than selling their homes. They consider this one more way in which "boomers" have made things more difficult for younger generations. Never mind that the exact same boomers are making life easier for the members of younger generations for whom they provide housing. Other posters, perhaps some of whom are among that second group who benefits from this practice, are all in favor of it. They cite a number of advantages from the arrangement, especially when parents continue living in the home. That provides either convenient childcare or eldercare as the case may be. Other posters are aware that adult children living in elderly relatives' homes is common in this area, but their feelings about it are heavily influenced by the attitudes of the adult children who are benefiting from this arrangment. In cases where the children are down to earth and recognize that they can only afford to live in the neighborhood due to their relatives' generosity, posters have no problem with them. But, in many cases, posters say that the adult children act entitled and don't seem to understand their advantages. This creates some animosity. The friction created by those who act snobbish despite not having earned their advantages goes beyond their simply being able to live in a nice neighborhood. Posters also complain about these individuals getting access to popular country clubs, often at a reduced rate. This discussion highlights a clear division between the beneficiaries of generational wealth and those who have had to work and pay their own way for everything they have achieved.

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