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When kids get help from parents to buy homes
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While generational wealth may be a subject of envy, many young people are relying on family money to get a leg up in the housing market.
PHOTO: BLOOMBERG
Anna Fixsen
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Last summer, after years of bouncing from rental to rental, Ms Brianna Racoosin bought her dream home, a sunny two-bedroom condominium in Brooklyn. To cover the US$1.1 million (S$1.4 million) price tag, Ms Racoosin, an art teacher at a public high school, didn’t take out a mortgage; she paid in cash, thanks to a trust set up by her parents.
“I never thought that I would use the money to buy until I had a partner or a family,” she said. “But then I was like, what’s the point of waiting?”
