Millennials and Gen Zers exploring the possibility of homeownership are still getting assistance from the “Bank of Mom and Dad” to help finance their property purchasing, according to a new survey. The survey, which polled 1,045 adults, found 77 percent of Millennials and Gen Zers are expecting to receive financial assistance from their parents to purchase their first home. The most common expectations included downpayment assistance (38 percent), co-signing the home loan (31 percent) and covering closing costs (24 percent).
Of those expecting down payment assistance, the majority of respondents were looking for less than $10,000, while 19 percent anticipated $10,000 or more. Among the one in four Millennials and Gen Zers who indicated that they were not interested in buying a home, 61 percent said they would be willing to change their minds if their parents helped them. On the parents’ side, 65 percent said they were willing to help their children buy a home. However, 76 percent of parents said they had yet to provide this type of financial support.
Source: DS News