Millennials are turning to their parents to help finance home purchases, according to a study released Tuesday by loanDepot.
A growing number of homebuyers are expected to turn to the big bank of mom and dad to help finance housing purchases.
About 17 percent of parents with millennial-aged children – which loanDepot defines as individuals between 18 and 38 years old – expect to help their kids at some point in the future finance a home purchase. And a reported 13 percent of parents have done so in the last five years.
But only 19 percent of millennials aren’t expecting to receive any financial help from their parents, according to the report. More here.