Boston area parents help their children buy their firs homes
Parents are finding it worthwhile to help their children purchase their first home. The article says it is because of the high cost of housing, but that’s not necessarily so. Not many 25 year olds could ever afford to buy their own home. But, when you compare the cost of renting to owning in the city, buying can sometimes seem more logical.
Janet Nelson doesn’t want to spoil her 24-year-old daughter, Megan. But when the 20-something came upon a burglar in her Allston apartment a bit back, her mother knew Megan needed a better place to live.
“Thankfully, she wasn’t harmed (the burglar fled out a window), but we were determined to find her a place where she would be safe,” said Janet Nelson, who ponied up the money recently for her daughter to buy $259,900 condo.
With Boston real estate prices soaring, more and more young professionals are seeking their parents’ help to buy a first home.
Megan Nelson, a graduate student at Massachusetts General Hospital’s Institute of Health Professions, needed parental funds to purchase a unit at Charlestown’s Parris Landing complex.
“There was no way I could swing it financially on my own,” the 24-year-old said. Some Boston 20-somethings can’t afford a place at all, while others merely need help with a down payment. Other times, young people just want a little parental advice.
Complete article: Housing as a family affair: Parents help kids afford Hub’s prices
Read more about the Boston Condo market.