Many Young Adults Need Parents’ Help To Buy A Home

Three out of four young adults who recently bought their first home needed their parents’ help to afford the down payment, closing costs or other expenses, a new survey finds. Interest in homeownership is picking up, especially among first-time buyers, and mortgage lender loanDepot LLC commissioned a survey to find out how today’s millennials — 97% of whom will take out a mortgage to buy their homes — plan to pay for their investment. It seems the “bank of mom and dad” is a fallback most count on, with 75% of young adults who recently bought a home saying their parents helped them out.

Topics:  interest   bmo harris bank   brett gookin   aspiriant   sfgate    san francisco   york   city   parents   buy   home   young adults   survey   kids   they’ll   payment   assistance   expect   helped   pay   costs   first-time   expenses   closing   loandepot   generation   finds   mortgage   bought   years   money   plan   loans   financial   number   today’s   future   
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