Lucky for me my parents were both “I didn’t save anything for retirement, my kids will take care of me when I’m older”, so I don’t have to suffer through this.
Lucky for me my parents were both “I didn’t save anything for retirement, my kids will take care of me when I’m older”, so I don’t have to suffer through this.
You may be right, but at the same time, you getting an inheritance makes it a lot easier for your kids to get one too some day.
So much this. In my country my parents generation could afford buying a house on two middle class incomes when they were end of 20s early 30s. In my generation that is only possible with generational wealth.
I will never be able to own a home because the cost of a down payment goes up with the market, while my saved money’s value stays constant (goes down with inflation). It is literally impossible for me to save it fast enough, even if I saved $1000, which is half of what I pay in rent, per month.
Assuming you’re in the US you should know that first time home buyers can put basically 0% down. You need to pay mortgage insurance until you hit 20% equity in your home but that isn’t terribly expensive when you compare it to the mortgage, insurance, and taxes. The 20% down rule is really only if youre selling an existing property to buy a different one. No bank is expecting a first time buyer to put 20% down.
I want to say the total amount I paid out of pocket at closing for my house was like $3000 back in 2018. So it’s still spendy but the down payment isn’t as much of an obstacle as people make it out to be. The bigger obstacles are just having a good credit score and a history of stable employment.
As much as I dislike not having savings and something to hand down, this generational wealth crap is a big part of the inequality we are living in now. The more this is normalized the harder it makes it for anyone that doesn’t have it to succeed. As someone that doesn’t have it I’d personally like to see society bend toward making things more accessible for those without the silver spoons.