Your Friends Who Own Homes Got Money From Their Parents
I’ve been saying this forever – my parents picking up the tab for college, and thus not leaving me with an enormous pile of debt I couldn’t logically process when I was 18 – is an advantage that’s almost impossible to understate. It’s also why I would have preferred to go to my local state university and take advantage of the only scholarship I earned; even with my incredibly reliable parents assuring me they could afford fancy-school, I was nervous (plus I was dumb at the time and didn’t really want to go to college anyways, so debt seemed particularly undesirable). But I don’t blame anyone who grew up in the modern go-go private education climate for getting sucked into borrowing $100k like their guidance counselor recommended.
Still, think about this. I had zero debt, and picked up a manageably small amount of student debt from my wife when we get married after college. Despite both working and not having any kids, we couldn’t buy a house at terms that made sense (a.k.a., until we saved up a huge pile of money for a down payment) until the two of us were 32 years old. And we’re the advantaged ones!
FWIW, we were not part of the “double lucky” group with a parentally-subsidized down payment. Our house isn’t fancy, but it’s most definitely our house.