“Housing has become so financially burdensome in America that some families can no longer afford other essentials,” Redfin’s economics research lead said.
That’s not hard to believe. My parents (Silent Gen actually) passed away with their house paid off, but left about $60k of nursing home and medical debt. So, in order to close the estate, we had 3 choices: pay off the debt and keep the house, sell the house to pay off the debt, get a mortgage to pay the debt and keep the house.
We kept the house, but if they’d had like 150k or more in debt, forget it.
That’s not hard to believe. My parents (Silent Gen actually) passed away with their house paid off, but left about $60k of nursing home and medical debt. So, in order to close the estate, we had 3 choices: pay off the debt and keep the house, sell the house to pay off the debt, get a mortgage to pay the debt and keep the house.
We kept the house, but if they’d had like 150k or more in debt, forget it.
Yep, similar here. We bought grandparents house at a family price off their estate to pay med bills.
Wouldn’t be homeowners otherwise; not expecting anything from parents, even though they’re basically loaded…