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Parents Helping Paying For Your First Home

Letting Parents Pay For Your Home Down Payment

I just read about a study that revealed eight out of 10 first-time property buyers in England are receiving cash from their parents to foot the down payment. It's apparently the highest percentage that they've ever measured, more than two times the number in 2005. This is attributed to the global financial crisis, and English banks now require a deposit too high for people to pay without assistance from mom and dad. Home deposits in America have also risen since the recession, so I'm wondering if a similar trend is happening over here.

What do you think of this — would you ask your parents to help pay for your down payment or wait years until you can afford one on your own?

Source: Thinkstock
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