Re:The New 30-Something
by throwaway-1283 on Monday March 04, 2019 @06:28PM
(#19306705)
Is that true? The last article I read about millennial homebuyers is that the reason outstanding mortgage balances are increasing is because more millennials are putting down less than 20% because they couldn't otherwise afford to.
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From anecdotal data, yes - very true. I think you're seeing a wider spread than before. People who are trying to get homes with less % down than before and people who are using their parents' money. An article I read (that used anecdotal data from real estate agents) was suggesting that around 35% of new home buyers in SF Bay are getting partial to full down payment from parents.
Anyone in my social circle who bought their first home (anywhere on the west coast) and is in their 20's or 30's, they didn't do it by themselves. Their parents chipped in quite a bit.
In a homeowner and the vast majority of my peers are too. I know -ZERO- people who had this sort of financial assistance for a down payment. We all saved up our own money.
I live on the east coast though.