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.
You can just say your parents gave you an entire apartment building when you turned 18.
I moved out and went no contact with my parents on my 17th birthday… but I would love to be able to give my kids the kind of help my parents didn’t give me.
The idea is that Karen doesn’t get veto power over construction and we have enough housing for all.
That’s a very good idea, it’s what I’ve been harping about in my other comments. You don’t fix this issue by demonizing people for buying houses, you identify the reason there aren’t enough houses in the first place and go after that.
San Francisco allowing property owners (whose houses have skyrocketed in value) to block any kind of dense housing being built is the reason SF is so utterly fucked.
Borrowed 3k from my bad didn’t have to pay back. There is nothing wrong with getting help from family to buy a home. Fuck this article. The housing issue is caused by large corporations who are buying up all the houses along with interest rates keeping average person from buying a home.
Well I’m pretty mad that I’ll never be able to afford a house, despite having a good solid job. My parents aren’t rich, so they can’t help me. And while I’m not mad at them for not being able to help, I am mad that all other things being equal that puts me at a disadvantage.
Here’s a hypothetical scenario: Let’s say I make $60K a year, am single, with significant student debt. Let’s also say because of the pandemic payment pause, maybe I was able to save, like $5K, and I want to buy a house. Not gonna happen. Now take all the same things but add in well-off parents who could help with a down payment. That hypothetical person gets a house. They have a definite advantage. To me, that’s not just unfair, it perpetuates a system of wealth transfer that only helps part of the population. Everyone should have the same opportunity to own a home, if they want to.
Lots of people go on about how everyone could afford a home back in some golden age. Those homes were a lot smaller than the huge things that seem to be the standard today. Also living in prime areas like NYC has always been expensive. Slums were pretty common way back when in the cities.
Edit: I just saw an article saying the average size for new detached homes has gotten 10% smaller as land in developed areas has gotten scarcer. Prices aren’t going down with this though. I wouldn’t be surprised if we see a return to townhouses (similar to council houses in England). 3 deckers were built in the north for housing the influx of factory workers.
You’re getting downvoted, but this is legitimately part of the issue. There is vastly less inventory of starter homes to buy, because home builders have been focused on building bigger and bigger (more lucrative) houses to sell at the upper end of the market.
Meanwhile apartment buildings (of the non luxury variety) are being built far less frequently.
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.
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
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.
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.
Around me and I assume elsewhere, mortgage payments are less than rent. All fucking expensive, but sometimes homeownership makes sense in the long term.
Technically any advantage gained from family/friends is Nepotism. It’s not purely bad ethically until you’re talking about leadership and/or critical positions (like safety supervisor at a factory).
The fact that Nepotism is required to enter the middle class is not a healthy indicator for our society though.
That’s really not technically true. The term “nepotism” originated from Catholic bishops and popes granting their unqualified nephews lucrative positions in the church … it’s always been seen as unethical, and has only been used to describe behavior perceived as unethical.
The dictionary definition of nepotism is “favoritism (as in appointment to a job) based on kinship.”
This is a troubling signal of income inequality and social immobility, sure – but it isn’t nepotism.
I understand the current housing market is messed up, but parents helping their kids putting a down payment for their house is dystopic “nepotism” now? Wouldn’t you help your loved ones if you have the means to do so even if you are not super rich?
Would it have been better if they told their kids to pick themselves up by their own bootstrap and get a 30 year loan from big banks instead?
Calling it “nepotism” is really weird. It’s just family lending money to their kids.
Nepotism would be more like your parents owned a second home with renters living there, then you kicked the renters out because of your family connection just to live there rent free.
You said that you don’t get it. The point isn’t that people are evil for helping their kids, the point is if the housing market is running on the assumption that houses are worth what a family plus their parents will pay for them, regular families won’t be able to afford houses. If everyone agreed that regular young families should be able to afford a house and didn’t rely on older mom and dad for money, houses would be more affordable for everyone.
A problem I’ve seen is that since the 90s there has been a progression from small, affordable ranch houses and such to minimansions. Homes have simply gotten bigger. One thing driving it has been the double income household, not only has this driven up prices since the homes simply cost more to make but with two people paying the mortgage you are now in a situation where if one person loses their income you can’t cover for them. If it was a single income household and, say, you got disabled the other person could possibly cover for you.
I couldn’t read the article because of the pay wall, but did they say what the 40% is an increase from? I know I got some help from my parents on a down payment in 1995, and it wasn’t super unusual then.
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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.
My parents don’t agree. It all up to us. It sucks.
You can just say your parents gave you an entire apartment building when you turned 18.
The idea is that Karen doesn’t get veto power over construction and we have enough housing for all.
I moved out and went no contact with my parents on my 17th birthday… but I would love to be able to give my kids the kind of help my parents didn’t give me.
That’s a very good idea, it’s what I’ve been harping about in my other comments. You don’t fix this issue by demonizing people for buying houses, you identify the reason there aren’t enough houses in the first place and go after that.
San Francisco allowing property owners (whose houses have skyrocketed in value) to block any kind of dense housing being built is the reason SF is so utterly fucked.
You don’t even need to have super rich parents. My mother helped me get my first home with 15K that she saved throughout the years. (I paid her back).
That was just enough for my down payment. Without that I couldn’t have gotten the house.
Lol a downpayment nowadays is easily two to three times that.
That is not true, there are programs and different types of loans where you can buy a house with as little as 3% down payment.
My country has 15% downpayment required by law.
Borrowed 3k from my bad didn’t have to pay back. There is nothing wrong with getting help from family to buy a home. Fuck this article. The housing issue is caused by large corporations who are buying up all the houses along with interest rates keeping average person from buying a home.
Well I’m pretty mad that I’ll never be able to afford a house, despite having a good solid job. My parents aren’t rich, so they can’t help me. And while I’m not mad at them for not being able to help, I am mad that all other things being equal that puts me at a disadvantage.
Here’s a hypothetical scenario: Let’s say I make $60K a year, am single, with significant student debt. Let’s also say because of the pandemic payment pause, maybe I was able to save, like $5K, and I want to buy a house. Not gonna happen. Now take all the same things but add in well-off parents who could help with a down payment. That hypothetical person gets a house. They have a definite advantage. To me, that’s not just unfair, it perpetuates a system of wealth transfer that only helps part of the population. Everyone should have the same opportunity to own a home, if they want to.
Lots of people go on about how everyone could afford a home back in some golden age. Those homes were a lot smaller than the huge things that seem to be the standard today. Also living in prime areas like NYC has always been expensive. Slums were pretty common way back when in the cities.
Edit: I just saw an article saying the average size for new detached homes has gotten 10% smaller as land in developed areas has gotten scarcer. Prices aren’t going down with this though. I wouldn’t be surprised if we see a return to townhouses (similar to council houses in England). 3 deckers were built in the north for housing the influx of factory workers.
You’re getting downvoted, but this is legitimately part of the issue. There is vastly less inventory of starter homes to buy, because home builders have been focused on building bigger and bigger (more lucrative) houses to sell at the upper end of the market.
Meanwhile apartment buildings (of the non luxury variety) are being built far less frequently.
Seriously. I never see starter homes made anymore. When it comes to apartments they are always marketed as “luxury”.
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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
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Similar situation here, except my wife’s grandpa passed away and left her some inheritance. We used most of it for the down payment.
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.
I had to put down 300k for my downpayment
Holy fuck! What was the total?!?
(If you don’t mind me asking)
Shit. I was in my 40s and it took a generous gift from my parents to buy my first house
My father did the same. He said “This is your inheritance. I’d rather see you enjoy it while I’m alive.”
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.
There are home buyers under 30? Shit I can barely afford to eat.
Around me and I assume elsewhere, mortgage payments are less than rent. All fucking expensive, but sometimes homeownership makes sense in the long term.
Helping kids with their down payment isn’t exactly some new thing.
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What a clickbait title. How is giving your kids money “nepotism” ?
Technically any advantage gained from family/friends is Nepotism. It’s not purely bad ethically until you’re talking about leadership and/or critical positions (like safety supervisor at a factory).
The fact that Nepotism is required to enter the middle class is not a healthy indicator for our society though.
That’s really not technically true. The term “nepotism” originated from Catholic bishops and popes granting their unqualified nephews lucrative positions in the church … it’s always been seen as unethical, and has only been used to describe behavior perceived as unethical.
The dictionary definition of nepotism is “favoritism (as in appointment to a job) based on kinship.”
This is a troubling signal of income inequality and social immobility, sure – but it isn’t nepotism.
I don’t get it.
I understand the current housing market is messed up, but parents helping their kids putting a down payment for their house is dystopic “nepotism” now? Wouldn’t you help your loved ones if you have the means to do so even if you are not super rich?
Would it have been better if they told their kids to pick themselves up by their own bootstrap and get a 30 year loan from big banks instead?
The dystopic aspect isn’t the individuals. It’s the system that requires it.
How are you in every thread on this website?
… Since the movie promotion campaign before the strike worked so well here, to test my theory, I’m trying to shitpost my way into an Oscar this year.
I believe the point is that people need nepotism to afford a house
Calling it “nepotism” is really weird. It’s just family lending money to their kids.
Nepotism would be more like your parents owned a second home with renters living there, then you kicked the renters out because of your family connection just to live there rent free.
You said that you don’t get it. The point isn’t that people are evil for helping their kids, the point is if the housing market is running on the assumption that houses are worth what a family plus their parents will pay for them, regular families won’t be able to afford houses. If everyone agreed that regular young families should be able to afford a house and didn’t rely on older mom and dad for money, houses would be more affordable for everyone.
A problem I’ve seen is that since the 90s there has been a progression from small, affordable ranch houses and such to minimansions. Homes have simply gotten bigger. One thing driving it has been the double income household, not only has this driven up prices since the homes simply cost more to make but with two people paying the mortgage you are now in a situation where if one person loses their income you can’t cover for them. If it was a single income household and, say, you got disabled the other person could possibly cover for you.
I couldn’t read the article because of the pay wall, but did they say what the 40% is an increase from? I know I got some help from my parents on a down payment in 1995, and it wasn’t super unusual then.