Here's how many millennials got money from their parents to buy their homes via CNBCMakeIt
Millennials aren't buying homes like their parents and grandparents did. That's largely because it's harder to afford a house these days: high real estate prices, stagnant wages and student loans hold young people back.
"House price growth in the U.S. has outstripped wage growth in 2018, meaning that on average across the U.S.A., houses are becoming more unaffordable," the survey says."This suggests the need for assistance [from family or friends] with a home purchase is on the rise." As a result,"many millennials have effectively given up on owning their own home — at least in the near term," the survey says."Of those under 35 who don't already own, 43 percent say they don't expect that to change in the next five years — most often because it's simply not feasible to save for a down payment in that time frame."
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