Parents buying houses for kids (rent, co-op, equity loan)

[skeddy]

Originally Posted by Bridge781

Again it’s my jealousy showing I guess but I have been getting irritated by this whole concept. I know it’s part of the reason prices have become so insane around here with no signs of stopping. If daddy has the money for Katie to live the high life since she didn’t do it herself if course he’s going to help her get there. He has done well in his own career and i admit that if I had the money I would probably help my own kids. My reality is that I’ll never have a lifestyle where I can just give my kid a house on canton ave in Milton. It seems crazy to me. I think I’m naive to how much money some of these baby boomers have.

Another girl I know is a recovering drug addict, has had major issues, already on her 2nd husband and is now pregnant. She’s 35, not exactly young but fresh out if rehab and who knows if she’ll stay clean. Daddy just bought her and her loser husband a house in Brookline. Brookline! Must be nice.

life ain't fair, now get back to work.

[jetgraphics]

Yes, there is a conspiracy to deny good housing to the masses. Get over it.
Easy to prove.

Try to :
Find any producer of 'basic' housing that builds better / sturdier than 'custom.'
Find a mobile home / modular home manufacturer that can build a luxury model.

The higher the price, the nicer the nice, as the song goes.
But even if you're an owner / builder, financing, zoning, and building codes will stymie any attempt at building a resilient, disaster resistant, opulent, autonomous, and multigenerational house.

Check out tridpanel website, and look up the page where Jimmy Carter is helping build hurricane proof houses in Florida. There's a few photos of concrete sandwich wall tridpanel houses that endured hurricanes. Here's the catch - these houses were built by Habitat for Humanity - for po' folk. Guess what they switched to when they rebuilt in the New Orleans area? Wood frame garbage in a flood prone, termite infested, humid climate. It was glaringly obvious that you cannot build better homes for 'po folks' when the rich folks' houses are obliterated by the storm.


When parents give homes to their children, they're still not giving them the best possible construction. That's sad.

[johngolf]

Originally Posted by johngolf

In the 70's I was dating a girl. She led her parents to believe we were discussing marriage. Her father sat me down and said if we married, he would buy us a house but her name would be on the deed for 10 years then, if still married, transferred to both our names. I thanked him but had no interest in marrying her. It ended soon after.

ADDITION

For MikePru

His house backed up to Brae Burn CC and they wanted her living in the same area. Waban I believe? They were Jewish and at that time would not have been allowed as members at Brae Burn

[Bridge781]

It just feels like it’s almost becoming expected for parents to pay for college, the wedding, the down payment and now the whole damn house?

Katie actually has a good job and her husband is a Boston cop. They can afford their own house. Not sure if the area of Milton they will be given a house is in their budget...but they ain’t broke.

[Beachcomber4]

Originally Posted by Bridge781

It just feels like it’s almost becoming expected for parents to pay for college, the wedding, the down payment and now the whole damn house?

Katie actually has a good job and her husband is a Boston cop. They can afford their own house. Not sure if the area of Milton they will be given a house is in their budget...but they ain’t broke.

Stop stalking Katie and her husband and focus on your own life. This is starting to get creepy. Besides, you'll never get ahead if you just go through life jealous and bitter about the good fortune of others instead of trying to improve your own.

[FCMA]

We households under six figures are virtually all broke and renting forever these days if we don’t slum it in a Gateway City. That’s steadily becoming more fun these days though.

[Bridge781]

I do focus on my own life. Just had to post about this phenomenon.

[charolastra00]

I don't think it's all that common. I think it's common, when possible, for parents who can to help with a downpayment. That can be the biggest challenge here.


The one family I know who had a house practically given to them had a scenario that is probably increasingly common in this area. My coworker's wife's parents were middle class and saved their whole lives. They bought in Lexington in the 70s and never moved. Lexington was never cheap, but the prices today are obscene. The in-laws decided they wanted their grandkids to get the Lexington education their kids had, but my coworker and her wife make probably $160K between them and would never be able to afford the city.

Rather than buy them a house, they sold the family their family home for the inflation-adjusted amount it cost for them to buy it - a fraction of what it's worth now. My coworker was able to pay for most of it with the money they got from their condo sale in Malden.

The in-laws then relocated to a vacation home they purchased 20 years ago. They've also talked about moving to Florida or somewhere else cheap to retire.

I think a lot of solidly middle class families are sitting on a goldmine with their homes. If you were lucky enough to buy in Arlington, Medford, Malden, Quincy, etc. before things got out of control, your home could be worth 2 or 3 times (or more!) what you paid for it. Some families may need that cash for their own retirement funds, but if they don't, it may seem practical to keep the wealth in the family.

[Bridge781]

I’m also not stalking her. Her dad told me.

[Bridge781]

That’s true about a lot of middle class people around here basically being house rich as well. Many more are house rich, second house rich, job rich and probably stock market rich.