The economic downturn and the slow market recovery have left many struggling. They have also opened up avenues previously unseen and quite unexpected.
Instead of going to traditional lenders, many millennials are turning to their parents for home loans. According to a new study conducted by the National Association of Realtors, 27 percent of first-time buyers have turned to their parents for financial help when it comes to down payments and mortgage.
The trend started as the economy got worse during the Great Recession and has risen steadily since then to reach the latest figure. Though the housing market and the economy at large is in a recovery mode, the pace is too slow for first-time buyers who need more help with the limited and unpredictable income sources at play.