Markets & Economy

Millennials need family assistance to purchase homes

Down payments remain a struggle, and many millennials need a co-signer

Future-Proof: Navigate Threats, Seize Opportunities at ICNY 2018 | Jan 22-26 at the Marriott Marquis, Times Square, New York

Enjoy the Connect experience from your computer, laptop or tablet! Watch Connect now. Takeaways: Down payments remain a struggle for millennial real estate clients. On average, millennials contributed a down payment of 4.6 percent when purchasing a home during 2014 and early 2015. More than 41 percent of respondents used a co-borrower to qualify for home financing. Rising rents and improving job prospects are driving real estate purchases by millennials, but down payments remain a struggle, according to a survey conducted by Endeavor America Loan Services. The survey found that on average, millennials contributed a down payment of 4.6 percent when purchasing a home during 2014 and early 2015. This low percentage means a number of the 5,404 millennials surveyed had to turn to family members for help. More than 41 percent of respondents used a co-borrower to qualify for home financing. Additionally, 20 percent of millennials surveyed received some form of assis...