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I'm not sure what you mean by this. In 2010, my dad gave me $10K to help with closing costs and the down payment of my first home in addition to the money I al
by Bluecobra 3y ago
I'm not sure what you mean by this. In 2010, my dad gave me $10K to help with closing costs and the down payment of my first home in addition to the money I already already had saved up. It was absolutely the right time to buy a home since it was during the great recession as I also qualified for a $10K first time homebuyers tax credit. My social mobility has been a hockey stick upward since then compared to my parents, due to going to college and having a good job.
- danpalmer 3y agoThe fact that your parents could give you that money suggests you were already not at the bottom of the social mobility ladder. It's possible you've moved up the ladder, but it's also possible that your parents did the moving up the ladder (when home ownership was more accessible, jobs paid better), and that you haven't actually moved much from their position, even if you've got a better start in life. 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.