Half of Millennials Plan to Ask Parents for House Down Payment
Jim LiebeltJim is Senior Writer, Editor and Researcher for the HomeWord Center for Youth and Family at Azusa Pacific University. Jim has over 25 years of experience as a youth and family ministry specialist, and has been on the HomeWord staff since 1998. He has served over the years as a pastor, author, youth ministry trainer, adjunct college instructor and speaker. Jim’s culture blog and parenting articles appear on HomeWord.com. Jim is a contributing author of culture and parenting articles to Crosswalk.com. Jim and his wife Jenny live in Olympia, WA.
- 2014 Jun 09
According to a recent survey by Trulia, an online real estate marketplace, 50 percent of millennials said they would ask their parents for financial help to come up with the necessary down payment to purchase a house.
Sixty percent of the millennials surveyed reported their finances are the single biggest obstacle to home ownership. Lack of savings, debt and poor credit are all reasons why millennials are unable to pull together the necessary down payment for a house themselves.
"Saving up for a down payment is a big obstacle and it can make the home buying process even more intimidating," said Michael Corbett, Trulia's real estate expert.
Even though their finances are the biggest barrier to home ownership, they aren't prepared to give up life's little luxuries to help save for their down payment. Here are the top 10 items that millennials would never give up in order to save for a home purchase:
4. Netflix Subscription
6. Eating out/take out
7. Clothes shopping
8. Organic shopping
9. Gym membership
10. A morning latte/cappuccino
Source: Wall Street Journal