Buying One’s Home: Thanks Mom and Dad

The New York Times has a great article on those who saved up and sacrificed much to purchase a home without the help of their parents. There were stories of those living off a single $2.95 chicken sandwich a day for years. Now, I’ll say right off, my parents were kind enough to help me on the down payment of my own home here in Petworth. And I am ever grateful for their help. But just for the record, my parents are hardworking retired civil servants not hedge fund managers. Well, I happened upon an interesting debate up in NYC over at the Brownstoner blog where there are lots of interesting comments. So, should we laugh at those who needed mommy and daddy’s help in purchasing a home in DC (P.o.P. included). Or is it great that the folks could help out? What are the stories here in DC? Were you able to purchase your home by sacrifice and savings or did you rely on outside help or are those two choices even mutually exclusive? Whenever a guest comes to my home and compliments my house, I always say, “the purchase of this house would not have been possible without a generous grant from the P.o.P’s Mom and Pop.” So, what does it take to buy a home in DC today?

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