One-Third of Parents Are Paying An Adult Child's House Down Payment? Are You?

As housing costs soar, Gen Z and Millennial home buyers are turning to family for help with house down payments.

Real estate agent greets customers while standing outside a house for sale.
(Image credit: Getty Images)

Young homebuyers are twice as likely to use family money for a down payment as they were five years ago, according to a new report from Redfin. In fact, 36% of Gen Zers and Millennials who plan to buy a home expect to receive support from family to help fund their down payment

An additional 16% of Gen Zers and Millennials say they’ll use inheritance money as a down payment, and 13% plan to live with their parents or other family members to help save for a down payment on a house.

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Kathryn Pomroy

For the past 18+ years, Kathryn has highlighted the humanity in personal finance by shaping stories that identify the opportunities and obstacles in managing a person's finances. All the same, she’ll jump on other equally important topics if needed. Kathryn graduated with a degree in Journalism and lives in Duluth, Minnesota. She joined Kiplinger in 2023 as a contributor.