How much did your parents help you towards your first home of your own?

[Jeannie]

Yup. We JUMPED to buy a house in 1983 when Mortgage rates fell from 16% to 12.25%. Of course our down payment was earning about 16% in a CD while we waiting for Mortgage rates to drop.

1982, the year of the 16% mortgage! Side note... we paid $63k for that house, my parents had had the same style purchased in 1965 for 14K, we sold ours for $128k in 1986, and the same style now is going for $400!

 

[nursejackie]

I borrowed 5% from my dad to add to the 5% I had saved for the deposit. This meant I didn't have to pay the PPI, which in 2001 was compulsory on mortgages for anything under a 10% deposit of the purchase price in the UK. I paid my dad back, interest free of course.

 

[CGB]

Now I want to know what everyone paid for their houses.

We bought our first house in 1992 for $48,000 (3 bd, 1 bath, 1400 sf) with a VA loan for 30 years with fixed 5% interest ($0 down). We were actually lucky to get such a low rate (it had dipped that low for 1-2 days only). It was a great house for our young family with the elementary school right out the back gate.

 

[ratherbeshiny]

We have saved our deposit, and are looking at buying our first home in 1-2 years.

Recently I unexpectedly inherited a sum of money (not parents), which I've decided to use toward our deposit too. Completely bizarre/incredible turn of events.

 

[backformore]

My parents contributed nothing toward college, nothing toward grad school, and did not help with our first house.

 

[Sleepy425]

My parents let me live at home during college and when I got my first job, so I do consider that to be "helping me buy a house." Without having to pay rent I was able to save a lot. I started my first job in July (had to wait to get my license to practice so I couldn't start right after graduation), and closed on my first house in February. I didn't even tell my parents I was buying a house, I wanted it to be completely on my own. They did buy me a dining room set for it once they knew. So that was nice.

 

[EMom]

$0.

We were on our own financially, but that’s to be expected. I paid my own way through college, so I was used to it.

 

[Memorymakerfor4]

We received no help from family, they were not in a position to do that and we didn't expect it either. Both of us had jobs straight out of college making more than our parents. To be honest, we bought sooner than we'd planned because rent was more than a mortgage and we were among the last to get a 0% down mortgage before the recession.

Siblings on both sides have received significant help and there has been some guilt about that imbalance relayed to us. For the most part it doesn't bother us because we're proud of our accomplishments. One of my children will require support for life, we are preparing for that and I'm glad we are in a position to do so. It makes my blood run cold to think of what would happen to him without it.

 

[bobbiwoz]

Now I want to know what everyone paid for their houses.

1970, brand new $35,000..3 bedrooms, 2 1/2 baths, 1 car garage, full basement on 1/4 acre in Mercer County NJ. Home sweet home!

Sold in 1979 $70,000. To move to Yardley PA.

 

[marthachick]

None. My parents still had 3 kids at home. DHs parents paid $1,000 closing costs and bought our living room suite for us. But DH was an only child.

When DS moved out, we gave him $1,000 towards furniture.

 

[tvguy]

My parents contributed nothing toward college, nothing toward grad school, and did not help with our first house.

There was quite a heated thread here a few years ago about what, if any, connection parents should have with their kids when their kids hit 18.
I understand some parents can't help much if at all financial with College, but I was surprised by the number of people who basically kicked their kids out of the house at 18 and never wanted to see them again.

 

[sheilafri]

There was quite a heated thread here a few years ago about what, if any, connection parents should have with their kids when their kids hit 18.
I understand some parents can't help much if at all financial with College, but I was surprised by the number of people who basically kicked their kids out of the house at 18 and never wanted to see them again.

Financial support or lack thereof doesn’t necessarily correlate to parents’ love for their children. DH and I can help our children financially so we do occasionally. That is our choice. Other parents might decide differently. We have taught our children to be financially independent and responsible so the occasional indulgence isn’t going to ruin their characters.

BTW I was gratified when DS30 applied for pre-approval on a home loan. The loan officer said he’d never seen a credit score so high on anyone under 60.

 

[AuntieMe3]

Not at all.

 

[grapefruitjellybean]

My parents paid for our education and living expenses for post secondary. I will do the same for my kids and we started their education accounts when they were born. I graduated high school when I was 17, there’s no way I would have been approved for a loan anyway.

 

[georgina]

Now I want to know what everyone paid for their houses.

Pittsburgh is a fairly low cost area. We paid $60,000 in 1987 (4 BR, 2 BA) and got $354,000 for it in 2021. We had added a family room with bonus space and another bathroom underneath it, and took out the wall between the kitchen & DR and remodeled the kitchen, adding an island. I loved my new kitchen! Miss it in our townhouse.

 

[DLgal]

Now I want to know what everyone paid for their houses.

Seriously.

Some of the amounts mentioned here aren't even a 2% down payment on a house where I live.

 

[grapefruitjellybean]

Seriously.

Some of the amounts mentioned here aren't even a 2% down payment on a house where I live.

Yep, $75k here will get you a parking spot.

 

[Mackenzie Click-Mickelson]

Yep, $75k here will get you a parking spot.

That's not even the lot price for a home to build a new home on in my area. I've got a neighborhood just down the street from me where the lots are over $200K

 

[RF536]

Bought our 1st house in 1999 for $65k, it was 700sq. Ft on a crawl space, on 1 acre by the highway and a truck stop. We did a lot of work and sold it about 18 months later for $138k. Moved to our forever home for $169k. That home is 1200 Sq. Ft., plus a finished basement on 2 acres, next to state land.

 

[DLgal]

Yep, $75k here will get you a parking spot.

$75k here is about 1/4 of the way to having a 20% down payment.

I'm over here like: $10k down, $290k to go (for a DOWN PAYMENT).