Home US News UK News Australia News Saudi Arbia News United Arab Emirates News Test Series India News List My Startup Chat With PDF Cheap Flights Free Url Shortener Contact Us Advertise More From Zordo

What does it take to buy a house? Increasingly, Mom and Dad.

3 weeks ago 147

Home buyers are increasingly turning to family members, most often parents, for help buying a house in overpriced and undersupplied markets, reflecting a shift in the way many families finance homeownership.

The share of young home buyers relying on older mortgage co-signers is as high as it has been in at least 30 years, according to a Freddie Mac analysis of its home loans. In 1994, 1.6 percent of first-time home buyers under 35 had a co-borrower age 55 or older. By 2022, after a pandemic-era spike, that figure had more than doubled to 3.7 percent, matching a high set in 2015.

Read Entire Article