Nearly 8% of Millennials Rely on Family to Help Pay for Housing

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We’ve had numerous posts about millennials, that generation born between 1982-2004.  It’s a fast moving demographic with a set of rules seemingly all their own.  With that in mind, a new report from ApartmentList.com found that 7.9% of non-student millennials receive help from parents with their monthly rent, and 17.1% expect help with a down payment when purchasing a home.  They got their numbers from over 13k respondents to a survey they conduct annually.  They also cited a recent USA Today/Bank of America poll where 40% of millennials received help from parents with everyday expenses, including rent, child care, phone bills and car payments.  Indeed….

“…Millennials face a housing market where rent and home prices have risen faster than incomes for decades. In cities such as Denver and Seattle, rents increased by over 70 percent from 2005 to 2016, and starter homes are in high demand but short supply. In order to keep up with rent and home prices, many millennials receive financial support from families…”

Click here to read the full report on ApartmentList.com.

 

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Director of Education & Outreach, National Real Estate Investors Association

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