TikToker LuxeNaz (@luxemamachronicle) recently posted a video discussing how young white people are more likely to receive help from their family when purchasing their houses. The video has garnered 295,100 views as of Monday.
@luxemamachronicle #stitch with @terrorjrmusic while it would be nice if we all had parents who could afford to do this… dont beat yourself up if your parents didnt. Now that i own a home, i def see the pros and cons to owning and renting. In my case, if i didnt have a big family… i was perfectly happy renting. I want to be able to do that for my kids one day, tho wont feel like a failure if i cant in this economy tbh. #homeowners #buyingahome #blackgirltiktok #blacktiktokcommunity #generationalwealth #homeownerlife #rentingvsbuying #30andover ♬ original sound – LuxeNaz
In her post, the mommy blogger responds to another TikToker who states in his video, “White people love saying that they bought a house when their parents bought it for them.”
She films a closeup of her face while she speaks candidly to the camera, “This didn’t even cross my mind until I actually went to buy a house…I started to meet a lot of people in their late 20s and 30s who were buying homes or already owned homes. So, although it never crossed my mind that I wanted to buy a house, I did start to feel behind and wondering like damn all these people own houses. Of course, they were all white though.”
She continues her response, adding an anecdote of buying her own home. “So, I went to buy a house I remember we were talking with the broker, and with the realtor about like if we wanted to do a conventional loan or a first time homeowner loan. The broker was just like, ‘Oh, do you have uh parents or family or friends who can give you money for a down payment in the house?’ And I’m sitting there like who has 100k that they just have laying around to give somebody.”
“But as I meet more and more people I realize that most of them have houses because either their parents had life insurance and passed away, or they gave them money for the down payment on the home,” LuxeNaz concludes.
Many users were quick to agree with LuxeNaz and took to the comments to voice their agreement.
“People keep talking about the down-payment they got or didn’t get but no one talking about all the parents [who] co-signed so they could qualify,” one user responded, pointing out another way generational wealth can aid people.
“Yup!! I remember when I bought my first house, the realtor asked if someone could “GIFT” us a down payment,” another shared.
“We bought completely on our own with the mid down payment and the lender automatically assumed we would have gift money in addition to it,” a third person said.
Their comments reflect the overall state of homeownership in the country. The American Dream of a home to call your own has become increasingly harder to attain. Though housing prices have recently dropped due to fears of inflation, younger generations are still grappling with a severe affordability crisis.
A number of people who are able to purchase a home usually receive gifts or help from family and friends. In fact, 22% of first-time homebuyers in 2021 and 2022 received help or a loan from a friend or family.
This data is reflected in LuxeNaz’s observation about how many homeowners she knew were only able to afford those homes with help from family or friends, as well as a number of comments on her video.
“I bought my house with ‘my money’ in 2015 but lived with my parents until I was 27. I consider it the same thing- they helped me a ton!” one user added.
“Felt behind when my friends suddenly bought these big houses until one of the husbands let it slip about the down payment,” said another commenter.
The Daily Dot reached out to LuxeNaz via TikTok comment.
