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.