But, nevertheless, all these houses have someone living in them. You would think someone would tell them they can’t afford the house they have....
Banks do. Or local governments. Foreclosures and zombie homes. WonDer how much property taxes have to do with this, not to mention the motivation for state and local governments to jack assessments...
Two things to note:
There is a big number of people living in houses who are renting the house, who are not homeowners.
Also, it’s very common nowadays , for parents or other relatives to give enough money to the adult children, to make enough down payment to get a mortgage for the children. The gift letter has become a standard part of mortgage documents for many who write mortgages.