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.