Definitely a trend I see around me (Europe, 30 years old).
All of my friends able to buy got at least 30k - 50k from their parents.
Is it the same around you? How do you deal with this?
Also, some data from a few days back:
https://discuss.tchncs.de/post/2426785?scrollToComments=true
I’m a nepo buyer ✋
My American Boomer parents view helping my sister and I out with things like this as a legal early inheritance transfer to make up for how long we expect their lives to go on. In that way, this isn’t really different from being able to buy things because you received an actual inheritance after your parents died.
The problem isn’t the people who are able to do this. The problem is that other people for generations have been systematically robbed from also being able to do this. We should have government programs to provide this service for those people to make up for that generational theft.
Also: Jesus, Canada, build some fucking housing what the fuck. I knew it was bad, but I assumed it was on par with the US.
IDK, the student loans program in the US didn’t work out very well, and a lot of people just ended up with a ton of debt they couldn’t handle. I’m worried the same would happen with a federal housing loan.
What we need instead is better housing density. Right now, if you want to buy a property (at least in the US), you need to also buy a car and commute long distances because that’s the only way you’re going to be able to afford a place at all. If we instead built more mixed housing near transit lines (e.g. business at ground level and a purchasable apartment above it), you could own something and not need a car to get around. That would work for the first few years, and if you decide to grow your family, you could use your equity as a down payment on a larger place.
But we really don’t have much in the way of a starter home. In my area, $300k is “cheap,” and with loans now around 7%, you’re going to need a larger down payment to keep mortgage payments reasonable. Most new construction around here is either luxury apartments or high end housing.
Unfortunately, zoning laws don’t allow this in most US cities
Right, so the focus should be on fixing zoning laws, not on trying to get people into needlessly expensive homes.