Today’s parents are paying it forward

American homeowners are a giving bunch. More than one in five helped someone else buy a home—and more often than not‚ it was their children.1 Check out this data from co-investing firm Unison:

  • Seventy-nine percent of homeowning parents feel it’s important for their children to own a home. Of those with Millennial children‚ 18% have already provided financial aid for a home purchase.
  • There’s a “pay it forward” aspect involved‚ as 22% of today’s parents said they also received help from their parents when they entered the housing market.
  • This generosity may have a downside. One in 10 homeowners admitted that they have not saved enough for retirement due to the financial support of their adult children.

I hope information like this gives you better insight into today’s buying market.

1Steve Randall‚ “Bank of mom and dad is open for most homebuyers‚” Mortgage Professional America‚ last updated December 6‚ 2019.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s