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Millennials finding home ownership possible with help from parents

Posted: 11:26 PM, Jan 11, 2019
Updated: 2019-01-12 07:51:36Z
MILLENNIAL PARENTS HOME BUYING1.jpg

LAS VEGAS (KTNV) — In less than a month 30-year-old Jeremy Settles will call a two-story house in Summerlin home.

"I have to be honest, a few years ago I didn't necessarily envision this as being possible,” Settles said.

Some median home prices in Summerlin are more than $350,000 which was too pricey for Jeremy and his fiancée.

“We would have had to look in North Las Vegas, which is a nice area, but this kind of catered more to our life,” Settles said.

But their parents offered to help them out.

"They're kind of lending us a little bit of money for the down payment, to push us to that next tier. So we can make this possible and affordable while we live here,” Settles said.

Jeremy's situation is not unusual.

According to the Wall Street Journal , more than a quarter of Americans younger than 34 are getting financial assistance from relatives to buy a home.

“It's a very common thing,” Ana Usma, portfolio manager for Opendoor, said. “And it's reoccurring as this generation is moving into the home buying process. We have seen it increase substantially here."

The new home came as a pleasant surprise, according to Settles, and said he felt extremely fortunate to receive the extra assistance.