It seems as though your kids will pick up more than just your good looks and personality as they grow up – they also seem to fall in step with the same homeownership goals as you.
The Urban Institute, a nonpartisan think tank, released new research that shows if Mom and / or Dad are homeowners – instead of renters – their children becoming a homeowner increases by 8.4%.
The family’s net worth was also studied; 14% of millennials are homeowners with their parent’s net worth of $10,000, while 36% of millennials own a home with their parent’s net worth of $300,000 or more.
While this is incredibly promising, most new homeowners need guidance in the world of real estate. If one or all of your children are wanting to buy a home, you might want to think about giving them some housing market life lessons – like how to build good credit and why it matters and the breakdown of all the costs it takes to own a home.
The American dream of owning a home hasn’t faded – it’s just taking longer to get there. Luckily, if you’re a parent that owns a home, your kid might already be trying to follow in your footsteps and have their own place to call home.