PARSIPPANY, N.J. (Better Homes and Gardens) – It’s not all that uncommon for Baby Boomers to help their kids become homeowners, according to the findings of a recent national
The survey, commissioned by Better Homes and Gardens Real Estate, found that one in five Baby Boomers has gifted, loaned or cosigned a loan to support their
children or grandchildren in purchasing a home. And more than two-thirds of baby boomers want to provide this type of support in the future.
Other key findings from the survey:
- Those who have provided past support are most confident that they will do so again.
- Highest interest in providing support is reported among younger (age 45-54), more affluent (household income of $75,000+) Baby Boomers who have at least one adult child (age 18 34).
- Baby Boomers are driven to provide financial support primarily by their belief in the overall investment value for them and/or their children or grandchildren, and the role homeownership plays in fulfilling the Americandream.
- Older (age 55+) and more affluent ($100,000+ household income) Baby Boomers are more likely than their younger or less affluent counterparts to have previously provided financial support.
- Across prior support and future interest, Baby Boomers show more interest in gifting or loaning money; they are least interested in cosigning loans.