Millennials, Gen-Z expect parents to help pay for first home, according to survey

Millenial and Gen Z home buyers expect parents to help

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.

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).

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Of those expecting down payment assistance, the majority of respondents were looking for less than $10,000.

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.