I hate this term … giving your kids money to help them start out on their own isn’t nepotism, it’s parenting.
Nepotism is when you violate a responsibility you have to a third party (e.g., your employer) to act impartially in their interests, in order to benefit your family.
Is the idea that parents should donate their money equally to everyone’s kids? This makes no sense.
I agree it isn’t nepotism. But I think the societal expectation that parents have to help their children is a the same systemic oppression with a new face. This only applies to the well-to-do, who buy into capitalism. Give up their lives to the machine.
This power sincerely complicates coming out of the closet, dating and marrying for love, social expressions like tattoos, life choices like art instead of business. This gives us another reason to second guess whether we ought to live life for ourselves or to please our parents.
I mean, it’s a bit tough for me to see it that way. Having wealthy parents who can use the leg up they intend to give you in life as a way of manipulating you into doing and being what they want, and that’s gotta suck.
At the same time, you can cut ties with them and you end up in the same position a lot of us start in: having to do it on your own. You’ve got a choice that other people don’t, it’s difficult for me to see that as a disadvantage.
the same position a lot of us start in:
yea, the starting place sucks in this country and adding cognitive dissonance to whether or not to obey my shitty parents is not something I wanna have to worry about on top of the bog standard issues about healthcare and school loans.
Better to reign in hell than serve in heaven. The moment my parents played games with who I was going to be or they would cut me off I left them. I would pick homelessness again than give them an inch. They can go cry to their bff supply side jesus
It should definitely not be called nepotism at the individual level, but if you agree with the core premises that working should be able to grant you enough money to buy your own house, it could be argued that it is a societal kind of nepotism in that the family you have determines your most basic opportunities in life.
And again, the corporate media is blaming anyone but real estate companies and market speculators.
Market speculators are a symptom of the problem, not the root cause. God knows “people giving their kids money for a downpayment” certainly isn’t the root cause.
The foundational issue is that many high demand markets have artificial limitations on the amount of housing, and it’s easier and more profitable for real estate developers to shit out mcmansions in the suburbs than denser housing where it’s needed.
Demand keeps going up because the population keeps going up, while supply is focusing on fulfilling only the luxury end of the market.
God, if only people could just like pool their resources together to build homes or something…
We could even call it something like “social housing,” and have it be a publically regulated service instead of treating housing as some sort of game of investment for the wealthy? No no, totally impossible…
You also pretty much described what S&Ls were.
Honestly wish they could make a comeback, but we’d need to ban them from becoming national organizations. Their biggest benefits were that they helped people get houses, provided proper financial advice, and kept money local.
We are limited by the technology of our time
Sure that totally worked for the Soviet Union.
State-owned apartments are working out well in pretty much every other country on earth. And certainly in everyone region exceot perhaps North and South America.
It actually did tho
I got 20K from my parents for my down payment when I was 45 and they still had to co-sign for me to get approved. No way in hell I could have gotten the house without them.
Land of the free
Land of the fee
Lucky, our parents ain’t paying for shit.
My parents are shit. They can die in their plastic house I will be renting to death but I don’t want to take a single penny from them
That’s not nepotism. Nepotism would be some land baron giving land to his kids, or a city official changing zoning to allow their family member to build something otherwise restricted.
What a clickbait title. How is giving your kids money “nepotism” ?
I’ll definitely be buying my children houses, with all that tons of spare money I have around. Piles of it. Yep. Sooooo much money
Seriously, who are these people that can fork out $100k to each child? I don’t even have retirement savings, and I’ll die on the job, with any luck! #genx
Boomers.
Geez, are people putting down $100k as a downpayment?!?
I have 100k in savings right now for a down payment, and it’s still not enough to get the mortgage payments anywhere near a reasonable amount each month.
Don’t worry, I was trying to buy a house with my parents this past year. Even if they sold their current house to help, we couldn’t afford what we’d need (3 bed 2 bath) since they don’t have a ton of savings and only one of them is working still.
So even with help, some of us are still too poor.
Shit. I was in my 40s and it took a generous gift from my parents to buy my first house
Only 40%? That seems…not true.
The country is ran by geriatric nepo babies… If you are not one of their crotch fruit, good luck, peasant! You are going to be experiencing a lot of that “free market” in your ass.
Helping kids with their down payment isn’t exactly some new thing.
The fact that it’s such a large percentage of new home owners is a new thing
It’s the only way to afford a home anymore
My wife and I had enough for a down-payment but my parents leaning me $10k at a lower rate was helpful, vitally getting rid of the PMI quicker.
Nothing is going to fundamentally change so long as housing supply drastically falls short of the demand. There’s no way to escape the core issue that we don’t have enough housing units in the places people want to live, and so the units that are available are going to go to the wealthiest people seeking them.
Lol, I had to do the same in 2008. Nothing’s changed. Except it’s only gotten more expensive
