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A comment on "Nepo-homebuyers": 38% of young buyers use family money for down payments. Parent comment

Re:"Nepo-homebuyers": 38% of young buyers use family money f... by cafard on Tuesday October 17, 2023 @10:18AM (#37915460)
The previous generation? My recollection is that our first mortgage 30+ years ago was around 6%, ARM. That is somewhat lower than it is now, but not lower than the last several years.

(I will add that we got some money from my mother-in-law to get up to a 10% down payment. Less than $10K, I think.)

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Re:"Nepo-homebuyers": 38% of young buyers use family money f... by throwawaymaths on Tuesday October 17, 2023 @10:22AM (#37915565)
In the 80s it was 12%, 90s 6%, then in the 20-somethings 3%

Plus dropping interest rates also does cause economies to overheat so there is job creation.

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Re:"Nepo-homebuyers": 38% of young buyers use family money f... by lawlessone on Tuesday October 17, 2023 @10:20AM (#37915509)
>was around 6%,

How much was the house and how much do they sell for in your area now ?(approximately)

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Re:"Nepo-homebuyers": 38% of young buyers use family money f... by cafard on Tuesday October 17, 2023 @12:48PM (#37917885)
About $180 K, now about $500 K.

We bought within a year of the market peak, and it was ten or more years before the prices returned to what they had been. At one point early in those years, my sister-in-law, in for a visit, remarked that a lot of the for-sale signs looked familiar from her previous visit. (Around a year.)

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Re:"Nepo-homebuyers": 38% of young buyers use family money f... by dhdudbd on Tuesday October 17, 2023 @10:21AM (#37915538)
yeah? you take out a loan for a toothpick and a couple of dimes at 6% APR?

the problem is inflated asset prices combined with low wage growth combined with high interest rates. now i have some avocado on toast to finish

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Re:"Nepo-homebuyers": 38% of young buyers use family money f... by ofjcihen on Tuesday October 17, 2023 @10:21AM (#37915533)
“6% of what” is where the answer lies.
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