Ok, if you are a middle class parent with a little bit of savings, and one of your child wants to buy a house, wouldn’t you do everything you can with your money to help them too?
The point is that less and less people are in this position. Middle class parents with savings? What is this, 1985?
Many people saved up a decent amount money during COVID in the States, so I think that the cultural shift towards having a good amount of saving in bank accounts is starting for middle class Americans, especially given the economic uncertainties right now.
A few thousand saved up because of government programs and policies that have now largely expired isn’t gonna net you a house anywhere in the US afaik.
They’re just about through those savings. Inflation + “catch up” vacations are the culprits. Look at credit card debt and that is before student loan payments restarted.
The point is that less and less people are in this position. Middle class parents with savings? What is this, 1985?
Many people saved up a decent amount money during COVID in the States, so I think that the cultural shift towards having a good amount of saving in bank accounts is starting for middle class Americans, especially given the economic uncertainties right now.
A few thousand saved up because of government programs and policies that have now largely expired isn’t gonna net you a house anywhere in the US afaik.
They’re just about through those savings. Inflation + “catch up” vacations are the culprits. Look at credit card debt and that is before student loan payments restarted.
https://www.economist.com/graphic-detail/2023/08/21/americas-pandemic-savings-are-running-out#:~:text=Research by Hamza Abdelrahman and,by the end of September.
That’s a bit depressing, but good to know.