Nepo-Homebuyers: 40% Of Under 30s Received Family Money For Down Payment | China’s spy agency blasts US for ‘engagement and containment’ approach | Financial Times | Germany refuses to extradite man to UK over concerns about British jail conditions

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Nepo-Homebuyers: 40% Of Under 30s Received Family Money For Down Payment - Forbes

An eye-popping 38% of recent homebuyers under age 30 used either a cash gift from a family member or an inheritance in order to afford their down payment. This is according to a RedfinRDFN commissioned survey of recent movers conducted in Spring 2023. First-time homeownership has become increasingly expensive, which has shut the door to homeownership for young people without family money. As a result, a large share of young homeowners can be labeled “nepo-homebuyers,” meaning they received family money to purchase a home. This phenomenon contributes to intergenerational wealth inequality and limits economic opportunities for young people and their families.

It is rare for a young person to be able to afford a home. Senior Americans (65 and older) are about two times more likely to be homeowners than young Americans (under 35). And oftentimes young people who own their home had help from family. In the Redfin survey, which asked how recent homebuyers accumulated the money for their down payment, 509 respondents were under the age of 30. Among those young homebuyers, 23% used a cash gift from family members and 21% used inheritance money for their down payment.

I admittedly fell into the category of a nepo-homebuyer. I bought my first home at 27 in 2015 with help from my mother. She was experiencing health problems and couldn’t live alone, so she sold her condo and gave me the proceeds to buy a home we could live in together. Without my mother’s money, saving up for a down payment would have taken me years. But instead, I was able to purchase a home and secure my position as a homeowner. This allowed me to build equity, which I eventually used to buy a home for my mother to reside in when she was able to live independently again.

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China’s spy agency blasts US for ‘engagement and containment’ approach | Financial Times - FT

China’s powerful spy agency has attacked recent diplomatic overtures from the US as mixing engagement and containment, hinting that a possible meeting of the two countries’ presidents in November will be in jeopardy if Washington does not show more “sincerity”.

The rare warning from the Ministry of State Security came less than a week after US commerce secretary Gina Raimondo visited Beijing, praising her meetings with Chinese officials but saying US businesses viewed China as increasingly “uninvestable”.

“Recently, a number of US officials visited China one after another, saying that the Biden administration has no intention to curb China’s development or seek decoupling from China,” the MSS said in a statement on its official WeChat social media account.

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Germany refuses to extradite man to UK over concerns about British jail conditions - the Guardian

Court in Karlsruhe decides against extradition of Albanian man ‘in view of the state of the British prison system’

A German court has refused to extradite to the UK a man accused of drug trafficking because of concerns about prison conditions in Britain, in what is thought to be the first case of its kind.

The decision has been described as a “severe rebuke” and “an embarrassment for the UK” by a member of the Law Society.

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