Boomers Willing to Help Kids With Down Payments
Daily Real Estate News | Wednesday, November 30, 2011
Two-thirds of baby boomers say they want to help their children or grandchildren with a home down payment, according to a study of more than 1,000 baby boomers age 45 and up conducted by Meredith Research Solutions for Better Homes and Gardens Real Estate.
In fact, one in five boomers surveyed say they've already loaned their children money, cosigned a mortgage, or given a cash gift for a down payment on a home.
Even baby boomers not considered wealthy are willing to offer help on down payments. While baby boomers who make more than $75,000 a year were found to be the most willing to offer help, 46 percent of baby boomers who make less than $75,000 per year say they also plan to help their child with a future home purchase, according to the survey.
So why are baby boomer parents so willing to help their children out with a home down payment? About 75 percent of boomers said they believe owning a home is a good investment for their children, and 58 percent said they think it’s still part of the American dream.
Source: “Survey: Most Boomers Would Cover Kids’ Down Payment,” AOL Real Estate (Nov. 30, 2011)
Doug Spiers / Associate Broker
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