Friday, March 16, 2007

Buying a House With Help from Your Parents

The Times looks at a common-enough Generation Debt experience (if your parents have the dough), and one a good friend of mine is going through right now (snip):

"A decade ago, younger New Yorkers were able to buy their own apartments. That’s because studios and one-bedrooms cost $150,000 or so. Now, first-time buyers are paying nearly four times that for the same apartments, according to data from the Real Estate Board of New York. Brokers say they see more buyers turning to their parents for help...

More buyers are turning to therapists to help them work through how they feel about depending financially on their parents when they have carved out independent careers and lives. Dr. Richard Shadick, a Manhattan psychologist who works mainly with 20- and 30-something New Yorkers, said that “a good portion” of his cases focus on the problems of seeking financial help from parents to pay for housing."

Hm. Maybe a case of psychologizing yourself to fit into a messed-up society?

1 comment:

Anonymous said...

Any chance you've read this yet?
[Washington Post]
. This is a major concern which apparently affects borrowers in the government's Direct Lending program.