With homeownership expensive, parents are saving for their young kids' down payments
Source: Business Insider ·
Coldwell Banker's survey showed that parents with young kids are saving or thinking about saving for their down payment early.
From the source
A new survey found that 82% of parents with young kids are thinking about or already saving for their child's down payment.The Good Brigade/Getty ImagesMany parents with young kids are thinking of or already saving for a down payment.Parents may have recently become homeowners and seen how costly it is.Fourteen percent of parents in a Coldwell Banker survey said they've already begun saving.It's never too early to set your kids up for future life milestones, new survey results suggest.An emerging trend includes parents prepping their kids for homeownership years in advance, said Mary Lee Blaylock, president of Coldwell Banker Affiliates.Coldwell Banker's September survey found 82% of parents with kids 5 and under are already saving or considering saving for their child's down payment. Fourteen percent of surveyed parents have already done so, compared to 20% who have already stashed money away for their child's college.Affordability is the key driver. Blaylock said young parents who…
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