As home prices rise and competition for a limited supply of homes increases, young buyers are increasingly using a special financing to win in bidding wars: The Bank of Mom and Dad.
A national poll by GFK Custom Research North America in 2015 found 17% of parents of millennials expected to help them buy a home within the next five years, an increase of 31% compared to poll results in 2010. Of parents willing to lend, half said they would contribute to a down payment and 20% would co-sign on a loan. Whether they get help from mom and dad or not, millennial home buyers are different than any generation that's come before.
Real Estate Expert Alex Doubet describes what is going on.