its a plus for the neighborhoods these people buy into as well - buyers from good supporting families are probably going to be good neighbors too
parents will be more flexible, sympathetic, and less greedy than a bank, and they can feel good about being there for their kids
everyone wins
Also, parents giving you money has zero correlation with your "good, supporting family" statement. Don't draw a comparison of two completely unrelated things.
"Everyone wins", yeah expect for the people who's parents don't have a spare $60,000 to give their kids for a down payment on a home.
my bank deposits are available to be reloaned out to people who don't have a family resource
there is no real injustice here, we all contribute to collective support in many ways, from taxes to loan assistance to education and infrastructure that elevates all and provides opportunity for all
you will always have some people who have an advantage others don't, that's life
How is that possible for there to be zero correlation?
It seems like there's an incredibly strong bi-directional correlation between "my family is supportive to me" and "my family sometimes gives me money".
Family dynamics and wealth aren't tied by any connecting factors. Being born into a wealthy family doesn't give you a higher chance of having a good, supportive family. Just as the opposite statement of being born into a poor family means you'll have a bad, unsupportive family.
but even then, my tax dollars pay for public education, infrastructure, public college, roads, etc etc ....I am most definitely subsidizing opportunity for others
They're saying its a problem for social mobility when "how much money your parents have" becomes a gatekeeper to homeownership.
There’s a lot of variables at play on house prices: desirability, location, space, build cost
What legislation can make housing more affordable ?
yes, and I pay six figures in tax every year so there is plenty enough from me in the community pot for you to achieve this
if you instead send the money to Ukraine, thats your choice
As a member of society, however, your obligation is to other members of society.
I'm not going to argue that you're not doing that. I do think tax rates are too low on the top 10% in the US, assuming that's where you're from (seems safe) -- but the biggest shortfall is surely on the top 0.1%.
The reality is, opportunity for others is objectively declining.
Inheritance is a thing and always was.
Many millennials currently find themselves in this position, myself included. I'm better educated than my parents (by qualification), and I earn more than them, but they own properties and cars and go on holidays frequently, because they bought houses at the right time and earned more proportionally to their costs earlier in life. I'm still very much in the same socio-economic range as my parents are now, they did the moving earlier in their lives, I'm unlikely to be able to move.
Average home price in America is over $400,000 which means a 20% down payment is $80,000.
People just starting out aren't usually aiming for the average home. There are lots of homes and condos that are half that price - depending on location.
>> which means a 20% down payment is $80,000.
If you are faced with this situation, an FHA loan requires 3.5% down and you can buy with a sub-600 credit score. FHA loans are designed for first-time buyers.
Thankfully my wife and I make good income and have been saving, but the treadmill doesn't work for everyone.
if my kids screw it up then I would lose not only my own wealth but their inheritance...so there is still risk even to the beneficiaries of nepotism
I have zero qualms with people putting family first
except those without rich parents
and kids whose parents never cared if they did dumb or illegal things
etc etc
we don't live in a world of equal outcomes and never will
I mean...you were born in the West instead of being born in a hopeless place like Gaza...how unfair!