In 2024, 28% of Manhattan home sales were conducted through trusts, a rise from 17% three years prior. This trend underscores the impact of familial financial support in a market where average prices remain prohibitive for many. As the Great Wealth Transfer progresses, wealthy families are increasingly purchasing properties for their children, particularly in popular neighborhoods. The data from Attom indicates a significant portion of these transactions is driven by affluent parents, reshaping the landscape of home ownership in New York City neighborhoods once dominated by older wealth.
In Manhattan, 28% of home sales were made through a trust in 2024, highlighting the growing trend of wealthy families purchasing properties for their children.
The overwhelming majority of first-time home buyers in New York City require parental support, indicating a significant barrier for the generationally less wealthy.
The trend of buying properties through trusts is driven by parental assistance and reflects the ongoing Great Wealth Transfer, totaling $124 trillion over the next two decades.
Young buyers in affluent neighborhoods like Soho and West Village are often supported by wealthy parents, contrasting with the past demographic of older, wealthy residents.
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