1 in 5 Home Buyers Used Parents’ Money to Help with Closing Costs

bankofmumanddad-800x333

A recent survey conducted by Legal & General, a financial service agency, found that 1 in 5 home buyers in 2018 relied on private loans from their parents in order to afford the expense of closing.

According to the survey, U.S. parents gave or lent $47 billion dollars to children last year, enabling 1.2 million purchases.

The biggest obstacle for most home buyers was the down payment.

The survey was covered in detail by CBS News.  Click here for the full article and accompanying video.

If you need legal representation with buying or selling a home, please contact me at justin@jrmccarthy.com.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s