75% Of Parents Helping Their Adult Children Pay Bills

08mojo said:

I think most have covered it, but the answer is mostly property taxes and insurance. If I move just one county over (or about 5-10 miles), the property taxes go down about 60%--again, over the life of a 30 year mortgage, that's about $108k (or $300 per month). Love the area where I live, which made me blind to the higher taxes--live and learn (although I'd still probably pick the higher taxes...).

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Yea I hear ya. I'm pretty much in the same boat with the taxes. Anywhere in my state it's highway robbery. I got an excellent rate so I jumped on it when the opportunity arose.

But you guys with the PMI, it's a little misleading because that's only if you can't cover the 20% down payment, and honestly it makes a huge difference in the life of the loan to not have that included in your rates. But again I understand not everyone is made of money.

My father taught me from an early age you have 3 priorities in life.
1. Food
2. Clothing
3. Shelter

Anything outside of those 3 is extra. Those 3 are in level of importance. I would sell everything I own and live out of a paid off car before asking my parents for help.

My brother in law was having rent, insurance, utilities, cell phone, etc paid by his mother. She passed, he freaked and has been fighting my wife for her half of the inheritance for 4 years now. He was handed over $40k in cash almost immediately and it was gone within a year. Has been living in the estate's house for free for over 4 years, expects my wife to sign over her ownership and wants the estate to do $8-10k in repairs before signing it over to him. He is 28 and works a part time job. Insulin dependent diabetic with no health insurance but he has a newer 4wd truck and 3 motorcycles.

Some people are just stupid.


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Our house was $570,000 and our land was $165,000. We bought the land with cash and used that as our 20% equity to finance our home. I wasn't interested in paying PMI.

Renting a home in the area I live runs between $2,000 - $4,500 per month. It's expensive because most houses are nice, the demand is high and the available quantity is low.

DriftwoodSVT said:

Our house was $570,000 and our land was $165,000. We bought the land with cash and used that as our 20% equity to finance our home. I wasn't interested in paying PMI.

Renting a home in the area I live runs between $2,000 - $4,500 per month.

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It's amazing that landlords can charge triple their mortgage and people will pay it just because it's so difficult to get approved for a mortgage to begin with.

lowflyn said:

My father taught me from an early age you have 3 priorities in life.
1. Food
2. Clothing
3. Shelter

Anything outside of those 3 is extra. Those 3 are in level of importance. I would sell everything I own and live out of a paid off car before asking my parents for help.

My brother in law was having rent, insurance, utilities, cell phone, etc paid by his mother. She passed, he freaked and has been fighting my wife for her half of the inheritance for 4 years now. He was handed over $40k in cash almost immediately and it was gone within a year. Has been living in the estate's house for free for over 4 years, expects my wife to sign over her ownership and wants the estate to do $8-10k in repairs before signing it over to him. He is 28 and works a part time job. Insulin dependent diabetic with no health insurance but he has a newer 4wd truck and 3 motorcycles.

Some people are just stupid.


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Why are we even trying if one can have it all being a dope like him? Pisses me off.

Hell I'm 21. My wife and I just bought a 4 bedroom house and have 5 vehicles. Not one red cent from either of our parents. Can't say the same for my younger siblings though..

Hunter98SVT said:

Hell I'm 21. My wife and I just bought a 4 bedroom house and have 5 vehicles. Not one red cent from either of our parents. Can't say the same for my younger siblings though..

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Which lottery did you win lol

blk02edge said:

Which lottery did you win lol

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None! ha My wife and I just manage our money well. I don't hire anyone for anything. Remodeled my house with my dad and some friends and several cases of beer haha Don't take unnecessary loans and spend money wisely. Anyone can do it. Didn't grow up rich or anything. My dad is a Ford tech and my mom manages a Pizza Hut. Both of them taught me how to be work for what you want. My brother ehh he cant figure it out.

blk02edge said:

Which lottery did you win lol

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living in Iowa. Nuff said

Screw-Rice said:

Which is why renting is a good thing to do. You're learning to live on your own, and if your oven or water heater blow up, you get to experience how it's replaced and get an idea of cost at no cost to you.

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I’ve rented for the last 12 years at multiple different places. Finally decided to buy at the end of 17 to celebrate divorce. Being AD I really questioned buying but finally decided it was the right time and I love the area I’m in


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Blk04L said:

Joys of home ownership.
Feel good and splurge on one area of the house to get blindsided in another area right after lol.

Yea screw messing with springs. Gladly pay a professional to **** with those things.

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As much as repairs like that suck, I used it as an excuse to upgrade everytime. Went second from top of the line water heater (10-12 year life, self cleaning, etc). same with the opener. I plan to rent it out, better to spend more on quality longer lasting stuff up front.

Never_Enough said:

Exactly. Part of why I am still not sure I want to own again yet I am still shopping...

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You've been around, so you have the experience of both to make an informed decision which is one of the big things lacking by those who are holding down the nest.

BlckBox04 said:

I definitely see where everyone is coming from for the benefits of renting, but it's nearly impossible to REALLY save money when you're rent is $1200+ a month in most situations not including what you need to just survive.

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Roommate, rent a room, plenty of ways to live cheaper. The learning experience has far more value than the rent.

jenkins_1120 said:

I’ve rented for the last 12 years at multiple different places. Finally decided to buy at the end of 17 to celebrate divorce. Being AD I really questioned buying but finally decided it was the right time and I love the area I’m in


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Same. I had a chance to buy before the crash (basically giving away loans). I knew it wasn't a good idea, and it was a condo. Passed and rented. Lived in 5 cities before I purchased. Glad I didn't because I would have been stuck in that area at a job I didn't really like compared to now, where I have far more freedom, income, and in a house in a nicer area. Which is the whole point of what many of us are saying. Need that experience of renting around to gauge what and where you want to put down roots. If you go from Mommy's to a condo you bought, you're stuck for a good while.

Hunter98SVT said:

Hell I'm 21. My wife and I just bought a 4 bedroom house and have 5 vehicles. Not one red cent from either of our parents. Can't say the same for my younger siblings though..

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Is the 30 year old fox body included in the 5 cars? along with the 20 year old cobra? Come on man.....hahahha

Modern society has lost sight of what they actually need to live. When I was in my 20's I needed food, gas, and a roof over my head. The thought of having a $100 phone bill with a $1,000 phone was absurd. Cable TV and internet was a luxury. Computers, laptops, game systems, etc were all luxuries. Big TV's, new cars, nice houses.....all of these things were luxuries. These days people view all of that stuff as a necessity. Society is simply living beyond their means at the moment.

Blown 89 said:

Modern society has lost sight of what they actually need to live. When I was in my 20's I needed food, gas, and a roof over my head. The thought of having a $100 phone bill with a $1,000 phone was absurd. Cable TV and internet was a luxury. Computers, laptops, game systems, etc were all luxuries. Big TV's, new cars, nice houses.....all of these things were luxuries. These days people view all of that stuff as a necessity. Society is simply living beyond their means at the moment.

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Entitlement. If I grew up with a nice TV, cable, eating out, new computer, etc, just not reasonable to go without those things on my own.

Screw-Rice said:

Same. I had a chance to buy before the crash (basically giving away loans). I knew it wasn't a good idea, and it was a condo. Passed and rented. Lived in 5 cities before I purchased. Glad I didn't because I would have been stuck in that area at a job I didn't really like compared to now, where I have far more freedom, income, and in a house in a nicer area. Which is the whole point of what many of us are saying. Need that experience of renting around to gauge what and where you want to put down roots. If you go from Mommy's to a condo you bought, you're stuck for a good while.

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Lucky for me. I know I want to stay exactly where I am. Maybe not the same town. But the same state.

BlckBox04 said:

It's amazing that landlords can charge triple their mortgage and people will pay it just because it's so difficult to get approved for a mortgage to begin with.

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It’s not difficult to get approved for a mortgage. You just have to prove that you can afford it and not have been a dumbass in the past several years.

rotor_powerd said:

It’s not difficult to get approved for a mortgage. You just have to prove that you can afford it and not have been a dumbass in the past several years.

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You want these people to not be dumbasses...how about some realistic expectations, lol.

I made bad financial decisions at 18, like most. However I read a lot and tried to learn as much as I could about money management, how credit works, and leaned how to make good decisions with money.

rotor_powerd said:

It’s not difficult to get approved for a mortgage. You just have to prove that you can afford it and not have been a dumbass in the past several years.

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agreed, but it's a lot more difficult than it used to be.
From the housing market stand point it is better that it's not super easy because it eliminates those dumbasses who can't really afford their homes from getting foreclosed on.

Wow. I moved out at 19 and haven’t had any help since. Crazy that this happens

The last time I asked my parents for help they said I was my wife's problem now.