The tradition of parents and grandparents offering down payment funds for their offspring to help them buy their first home is nothing new. But what is relatively unknown is the widespread financial assistance given by parents to millennials for rent money, everyday expenses and one-time expenses such as moving costs. Before you start the “millennials are lazy” soundtrack, though, it’s important to recognize the impact of economic issues on this generation, particularly in the housing market. A recent analysis by Apartment List found that since 2000, home prices have risen by 73 percent and rents have increased by 61 percent. At the same time, incomes for younger households have only increased 31 percent. One in four renters spend more than half their income on rent, and 15 percent of 25- to 35-year-olds live with their parents to save money on rent.
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