4 ms·

Are you guys getting downpayment contributions? I had to buy my house on my own, my parents make way less than me, it will actually break my heart to take money

Are you guys getting downpayment contributions? I had to buy my house on my own, my parents make way less than me, it will actually break my heart to take money from my parents.

throwaway1777 4y ago
There’s some selection bias since only people who can afford a house are included. Tons of rich boomers out there giving money to their kids. I unfortunately am not getting anything either.
throwaway0a5e 4y ago
The median may very well be zero. When you have a lot of 0s in data the average can be misleading.
- deleted 4y ago
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anonfornoreason 4y ago
My dad did well for himself working in the trades, and being thrifty and saving a lot. He certain out could have, but his philosophy was generally “you cherish what you work hard to buy or build”, and instead of providing money he provided guidance on how to budget, how to save, etc. I received no help with college or house purchase, and I am grateful for it. As an example, at around 10 years old or so, he sat me down every month to go through budgeting, paying the mortgage, etc. He showed me how to make basic models that showed the benefit of various length mortgages assuming certain house appreciation percentages per year, and showed me the danger and the benefit of leverage. As an aside, he never finished high school and worked a skilled manual labor job that combined hands on mechanical and basic electrical engineering, and still can’t spell for shit. Through him I met many people with similar backgrounds, which formed the basis for my worldview of “the trades” being a great option for smart people, college not being the only route, etc.
bitxbitxbitcoin 4y ago
Not a house owner yet but when I do I'll cover my own downpayment for pride reasons.
deleted 4y ago
[deleted]
aetherson 4y ago
My parents have never directly paid for any of my down payments, but money is fungible. My parents are wealthy, and I certainly did benefit from that directly, and also have always known that there is a safety net out there for me that others do not enjoy.
symfoniq 4y ago
No, certainly not. My parents couldn't even help with college. But I bought my home in 2012 when prices were more reasonable.
brimble 4y ago
Judging from inflation-adjusted "net worth at same age" graphs, I'd say it's mostly about whether your parents were boomers (though not all of them would be in that position either, obviously, and of course some Xers have been very successful). Mine are boomers. I've had assistance from them equivalent to probably $100,000 since turning 18 (I'm approaching 40). I have three siblings and I bet the total they've helped us all out amounts to something over $500,000 (some have received/needed a lot more help than me) No down payment help for me. But they did buy me a house to live in for a couple years, once. (they broke even or made a little money on that one, but still, you'd have to reckon the value as at least what it'd have cost me to rent the same thing). And paid for my (very cheap) college tuition. Among lots of other things like a being gifted a hand-me-down car when I left the house. My dad owned a couple barely-successful blue-collar small businesses when he was young, after growing up literally in a barn because their house was a cobbled-together four-room farmhouse in the middle of nowhere and didn't have enough space for all six of the kids, then had a blue-collar industrial job for 2ish decades and retired after making it into the lower tier of middle management for another decade or so. They briefly tried renting a house they bought and fixed up, but hated it and by the end had basically just paid to have a sub-minimum-wage job and a lot of stress, so that didn't help much (this is before house prices went insane, so the appreciation from owning that over the couple years they had it was minimal—I think it was the early 90s, and not a hot market). That's all. Not a doctor or anything. My mom didn't work past about age 30, and worked in a low-level federal job before that. My dad even had a divorce in his background (a couple of my siblings are from that marriage). It really, really was different for the boomers. I come from "privilege" but all they did to get me/us there was just live a totally mundane, middling life, and didn't colossally fuck up. [EDIT] Oh, and their educations are "high school diploma" (dad) and "junior college secretarial certificate" (mom) It was really, really, really different for that generation.

Are you guys getting downpayment contributions? I had to buy my house on my own, my parents make way less than me, it will actually break my heart to take money from my parents.

throwaway1777 4y ago

There’s some selection bias since only people who can afford a house are included. Tons of rich boomers out there giving money to their kids. I unfortunately am not getting anything either.

throwaway0a5e 4y ago

The median may very well be zero. When you have a lot of 0s in data the average can be misleading.

deleted 4y ago
[deleted]

anonfornoreason 4y ago

My dad did well for himself working in the trades, and being thrifty and saving a lot. He certain out could have, but his philosophy was generally “you cherish what you work hard to buy or build”, and instead of providing money he provided guidance on how to budget, how to save, etc. I received no help with college or house purchase, and I am grateful for it. As an example, at around 10 years old or so, he sat me down every month to go through budgeting, paying the mortgage, etc. He showed me how to make basic models that showed the benefit of various length mortgages assuming certain house appreciation percentages per year, and showed me the danger and the benefit of leverage. As an aside, he never finished high school and worked a skilled manual labor job that combined hands on mechanical and basic electrical engineering, and still can’t spell for shit. Through him I met many people with similar backgrounds, which formed the basis for my worldview of “the trades” being a great option for smart people, college not being the only route, etc.

bitxbitxbitcoin 4y ago

Not a house owner yet but when I do I'll cover my own downpayment for pride reasons.

deleted 4y ago

[deleted]

aetherson 4y ago

My parents have never directly paid for any of my down payments, but money is fungible. My parents are wealthy, and I certainly did benefit from that directly, and also have always known that there is a safety net out there for me that others do not enjoy.

symfoniq 4y ago

No, certainly not. My parents couldn't even help with college. But I bought my home in 2012 when prices were more reasonable.

brimble 4y ago

Judging from inflation-adjusted "net worth at same age" graphs, I'd say it's mostly about whether your parents were boomers (though not all of them would be in that position either, obviously, and of course some Xers have been very successful). Mine are boomers. I've had assistance from them equivalent to probably $100,000 since turning 18 (I'm approaching 40). I have three siblings and I bet the total they've helped us all out amounts to something over $500,000 (some have received/needed a lot more help than me) No down payment help for me. But they did buy me a house to live in for a couple years, once. (they broke even or made a little money on that one, but still, you'd have to reckon the value as at least what it'd have cost me to rent the same thing). And paid for my (very cheap) college tuition. Among lots of other things like a being gifted a hand-me-down car when I left the house. My dad owned a couple barely-successful blue-collar small businesses when he was young, after growing up literally in a barn because their house was a cobbled-together four-room farmhouse in the middle of nowhere and didn't have enough space for all six of the kids, then had a blue-collar industrial job for 2ish decades and retired after making it into the lower tier of middle management for another decade or so. They briefly tried renting a house they bought and fixed up, but hated it and by the end had basically just paid to have a sub-minimum-wage job and a lot of stress, so that didn't help much (this is before house prices went insane, so the appreciation from owning that over the couple years they had it was minimal—I think it was the early 90s, and not a hot market). That's all. Not a doctor or anything. My mom didn't work past about age 30, and worked in a low-level federal job before that. My dad even had a divorce in his background (a couple of my siblings are from that marriage). It really, really was different for the boomers. I come from "privilege" but all they did to get me/us there was just live a totally mundane, middling life, and didn't colossally fuck up. [EDIT] Oh, and their educations are "high school diploma" (dad) and "junior college secretarial certificate" (mom) It was really, really, really different for that generation.