HousingWire reports that a study by loanDepot reveals parents are stepping up to help their Millennial children purchase homes.
Though contributing to their child’s down payment is the most popular form of support, parents are increasingly supporting in other ways as well. According to loanDepot, many parents are helping by paying down their child’s student loan debt, paying rent, or paying for other expenses so their children can save money.
“Support from parents is playing a significant role in the housing recovery, and this new research indicates the trend will increase,” Dave Norris, president and chief operations officer at loanDepot, tells HousingWire.
