Welcome to the 'nepo' housing market: 40% of homebuyers under 30 get family money to cover their down payment
Welcome to the 'nepo' housing market: 40% of homebuyers under 30 get family money to cover their down payment
Redfin chief economist Daryl Fairweather: "It seems like the only way to kind of get your foot in the door to the housing market is to have some help"
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What a clickbait title. How is giving your kids money "nepotism" ?
Technically any advantage gained from family/friends is Nepotism. It's not purely bad ethically until you're talking about leadership and/or critical positions (like safety supervisor at a factory).
The fact that Nepotism is required to enter the middle class is not a healthy indicator for our society though.
That's really not technically true. The term "nepotism" originated from Catholic bishops and popes granting their unqualified nephews lucrative positions in the church ... it's always been seen as unethical, and has only been used to describe behavior perceived as unethical.
The dictionary definition of nepotism is "favoritism (as in appointment to a job) based on kinship."
This is a troubling signal of income inequality and social immobility, sure -- but it isn't nepotism.