In Manhattan’s increasingly inaccessible housing market, independent homeownership is becoming a luxury fewer can afford on their own. More buyers are now leaning on their parents—not just for guidance, but to finance the purchase or transfer of real estate outright.
New data from property analytics firm Attom shows that nearly 28% of all Manhattan home sales in 2023 involved trusts, up sharply from 17% in 2020. While not all trusts are family-related, they’re widely used to facilitate wealth transfers between generations, particularly from parents to children. The legal structure offers several advantages, including estate tax planning, reduced gift tax exposure, and greater privacy than traditional sales.
The rise in trust-based transactions reflects a broader shift in how Manhattan real estate is bought and sold. Soaring home prices, changes in tax policy, and the accelerating handoff of generational wealth are redrawing the lines of who can afford to buy in one of the world’s priciest property markets.
With the median sale price now hovering around $1.1 million, purchasing a home in Manhattan without family assistance is becoming increasingly rare.
The trend is especially visible in some of the borough’s most coveted neighborhoods. In 2023, roughly one in three condo sales in Soho, Tribeca, and the West Village involved a trust. These affluent enclaves, known for their luxury towers and historic buildings, have become ground zero for intergenerational wealth transfers.
For many younger—and even middle-aged—New Yorkers, the path to homeownership no longer runs solely through personal income or professional achievement. Instead, it hinges on family legacy, access to inherited capital, and fluency in the financial tools that now define the city’s real estate landscape.
