But before stepping in with a gift or loan to help with a down payment, parents need to ask themselves some tough questions.
Among them: What is helping my child going to cost me, not just now but also in the long run?
And is this even the right time for my child to buy a home?
It has always been difficult for many young people to put aside enough cash for a down payment. But it has gotten harder in recent years with growing student debt and a slowly recovering job market with limited stability and career opportunities.
That’s partly why first-time owners make up a relatively small share of buyers. According to the National Association of Realtors, first-time buyers accounted for just 29% of existing-home sales in April, lower than the average of 35% since 2008.
So, what’s a parent to do? Here’s some advice from financial experts.
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