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A dirty little secret is that that over a third of Gen Z and Millennials get down payment help from their home-owning parents. In expensive cities, the percenta
by BenFranklin100 2y ago
A dirty little secret is that that over a third of Gen Z and Millennials get down payment help from their home-owning parents. In expensive cities, the percentage is even higher. When you add the number of parents who co-sign in order to secure the mortgage, the number could reach 2/3rds in expensive metros.
It’s the new feudalism.
https://investors.redfin.com/news-events/press-releases/detail/1071/nepo-homebuyers-more-than-one-third-of-gen-z-and https://investors.redfin.com/news-events/press-releases/deta...
- betaby 2y ago> It’s the new feudalism. In a sense that basic housing now is luxury - yes.
- asdf6969 2y agoIn the sense that there’s a growing class of landed gentry and nobody else can buy anything. People with houses today will be the aristocracy in a few decades
- betaby 2y ago> People with houses today will be the aristocracy in a few decades Not really. Peasants were mostly owning their houses, that did't make them aristocracy. I genuinely do not see how owning a 1970s-built bungalow translates me into the aristocracy in a few decades.
- asdf6969 2y agoBecause you own land. It will make more money than most people make through employment. This is true in many parts of Canada over the last decade and the trend will probably spread
- betaby 2y ago> Because you own land. It will make more money than most people make through employment. I genuinely don't follow. Yes, the bungalow sits on land ( enough for BBQ for 5-6 people ) and I sit inside the bungalow. Neither of the them make me any money. I can't sold them and live in the stratosphere. I either have to buy something else or rent.
- asdf6969 2y agoYou’re just not living in a HCOL area yet. Eventually we all will. After that it will make sense