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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.
It sucks for people who aren't able to get financial assistance from their family (I'm one of them) but this isn't nepotism. This is families doing what is necessary to get a first house in a lot of current housing markets. Nepotism would be if houses were only being sold to family members/acquaintances of the owners.
Have we just got to the point where anyone with a decent relationship with their parents that means that they help them out sometimes is now a "nepo baby".
My parents lent me money for my mortgage deposit but I paid it back to them in installments alongside the mortgage. They only did that as I'd shown over thirty years of life I can be trusted with money and wouldn't flake on the repayments to them, not because we're rich.
This has kinda been a thing since the invention of money and real estate
This isn't "nepotism" and trying to conflate everything with "nepotism" is really just providing cover for Capitalism. Having rich parents is a thing that will always occur. Parents that are able to provide you with more support is not the issue here. The issue is that Capitalism has made it where without more support, the average person cannot afford a home.
What's wrong with that? Parental responsibility doesn't just end the moment a child turns 18
I never asked my parents for money, they just ended up giving it to me for my future
Well I mean yeah we bought our house off my father-in-law who sold it at extreme mates rates, and my parents paid my half of the deposit. And I don't think that's news, that's the way it's been for people I know for the last 10 years or so. We only relatively recently managed to get a mortgage because I was doing contract work for a long time which paid a lot better but isn't stable enough to get one.
I feel lucky because I know there's no way I'd be able to live in our own house without parental help - we're both public sector workers so we do alright but don't have any money to put aside for savings. Which also means we won't be able to return the favour for our son, or at least not to the same degree. I've just turned 40, I have friends a few years younger who are working but still live with family because they have no other realistic option.
My father-in-law worked in the property world as a surveyor since the 70s or so and when his father died young he bought some flats in London with the inheritance. His dad was a miner so the flats were dirt cheap but they were in King's Cross which back then was known for drugs and prostitution. He despised the 80s, because he knew it was short term gain for his generation at the expense at the next ones - instead of investing in the future, governments were just selling everything off to the private sector for short term gain, and so he had this masterplan of saving all this stuff up for his kids. He's an interesting person to talk to.
My parents had enough money to put aside in savings for the future for me and my sister every month, which went towards the house deposit and my university fees. They didn't own any flats in London but they had that extra to put aside. That's what our generation doesn't have, the ability to put anything significant aside for the future - it all goes on bills.
I'm fucked right now but should well off in retirement. Just need to convince my pregnant wife to move a few states away so I can buy a house.
I have received $0 from my parents. My grandma helped me buy some furniture when I moved out to my first apartment, and bless her for that. But I cannot comprehend asking for that much money from my parents, not that they would have it to give me anyway. I feel bad when they want to pay for my dinner, let alone $30k+.
Despite that, I have managed to save more than enough saved for a down payment. But with the market the way it is I have no interest in dropping that much money for a house, especially when our landlord hasn't raised the rent for years and we have a good deal. $30k from your parents is a drop in the bucket when you're looking at a huge ass mortgage payment every month. A house would have to be magical as fuck for the amount they are gonna charge per month with the current prices and rates.
Would absolutely have been impossible for us without money from my mother's trust (deceased) and my father. Even living cheaply, with a very good deal on an apartment that we luckily locked in as COVID started and rent increases were put on moratorium, the appreciation of properties was so aggressive that saving $1300 a month meant we were actually losing ground on hitting a 20% down-payment on half decent starter homes. We desperately need the housing bubble to burst, but it's not even """really""" a bubble.