A friend gave each of her adult children a gift of $100,000 to use as a downpayment on a house. The total number of children is 4. Actually, I think one of the kids got much more because she wanted to buy in DC. Knowing my friend, it’s not her last half-mil she shared so easily.
The friend recently retired from my college, which is the lowest-paying PhD-granting institution in the state. Her husband is a school teacher.
Theirs isn’t inherited wealth. Their kids had free lunches from school growing up. The husband is first-generation college graduate. They are in their seventies now.
What I’m saying is, this used to be a pretty great economy.