A national survey conducted by Loandepot finds 77 percent of Millennial and Gen Z-ers are expecting financial assistance from their parents to purchase their first home.
It's no surprise that Millennials and Gen Zers want to buy homes, but is it causing their Boomer parents to delay retirement? Discover what we learned in a recent national survey: https://t.co/eDdRmKQO7V#retirement #babyboomers #homeownershipgoals pic.twitter.com/0O6Zq0aTi4
— loanDepot (@loanDepot) February 10, 2020
The most common expectations included help with a down payment (38 percent), co-signing the mortgage (31 percent) and helping with closing costs (24 percent).
Of those expecting down payment assistance, the majority of respondents were looking for less than $10,000.
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Alarmingly, 18 percent of parents responding to the survey who indicated they would help their children also said they were putting their retirement on hold to do so. Parents whose children were still living at home were the most willing to put retirement on hold until their nest was empty.
The survey also found that instead of taking a more traditional “starter home” path to home ownership, 66 percent of Millennials are holding off entering the market until they can afford their “forever home” as their first home.
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