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Other way around...Kids buying places for their parents
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2012 Aug 7, 5:36am 1,439 views 1 comment
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Eliza
2012 Aug 7, 3:17pm
At a guess, the parents probably went to great lengths to support these people academically and financially when they were children. Also, daughters' parents seem to be especially likely to help with grandchildren. There's more to generosity than dollars.
There seems to be some anger in these real estate threads about "rich parents" supporting their kids in the Bay Area real estate market as if certain people here (cough cough) can't imagine "kids" with professional degrees that work their asses off. I'll take it step further. Not only are some of these immigrant "kids" earning their money but they're attempting to take care of their parents.
I'll give you some recent anecdotal examples.
2 couples (DDS/DDS and engineer/engineer) buying a $350k home in Richmond for the daughters' parents.
A couple (MD/VP high tech) buying a $550k home for her parents in San Jose.
a Harvard JD buying a 600k home for her parents in San Diego.
Are they making bad financial decisions in order to take care of their parents? Maybe, but at least it's family first.
#housing