this post was submitted on 29 Aug 2023
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A Boring Dystopia
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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?
only rich kids being able to afford houses is dystopic
Ok, if you are a middle class parent with a little bit of savings, and one of your child wants to buy a house, wouldn't you do everything you can with your money to help them too?
You don't have to be rich to want the best for your kids, and I really hate the selfish boomer mentalities of "oh I have it hard back in my day, so I'm not going to help my kids with anything to teach them a lesson about life." It's fucked up.
The point is that less and less people are in this position. Middle class parents with savings? What is this, 1985?
Many people saved up a decent amount money during COVID in the States, so I think that the cultural shift towards having a good amount of saving in bank accounts is starting for middle class Americans, especially given the economic uncertainties right now.
A few thousand saved up because of government programs and policies that have now largely expired isn't gonna net you a house anywhere in the US afaik.
They’re just about through those savings. Inflation + “catch up” vacations are the culprits. Look at credit card debt and that is before student loan payments restarted.
https://www.economist.com/graphic-detail/2023/08/21/americas-pandemic-savings-are-running-out#:~:text=Research%20by%20Hamza%20Abdelrahman%20and,by%20the%20end%20of%20September.
That's a bit depressing, but good to know.