, which generally costs between .5% and 1.5% of a home's value, in order to pay less up front and bring homeownership within reach. millennials are still asking their parents for helpClever's data shows that 27% of millennials buying in 2020 expected to get a loan, inheritance, or a gift from family to help make their down payment. Just 14% of baby boomers said the same.
It's not surprising that millennials are turning to their family for help with their home-buying funds — a significant number of millennials have had parental help for a while now. Business Insider's Hillary Hoffower writes that. "About 37% receive money monthly, and more than half receive money a couple times a year. Many are putting this money toward basic needs, both small and significant, like cell phones, groceries and gas, health insurance, and rent," Hoffower reports.
As millennials have struggled to save, it's not surprising that they're waiting on a windfall or a gift to buy their first home.Many millenials are finding that homes are simply
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