$\"You$ \n

If you\u2019re a homeowner, chances are you\u2019ve built up a lot of wealth \u2013 just by living in your house and watching its value grow over time. And that equity? It\u2019s something that could help change your child\u2019s life.<\/p>\n

Since affordability is still a challenge, a lot of first-time buyers are struggling to buy a home in today\u2019s market. Even if they have a stable job and a solid plan, buying can still feel out of reach. But that\u2019s where your equity could make all the difference.<\/p>\n

To give you an idea, the average homeowner with a mortgage has <\/strong>$311,000<\/strong><\/a> worth of equity, according to Cotality<\/em> (formerly CoreLogic<\/em>). That\u2019s significant. <\/strong>And some parents are using a portion of their equity to help their children become homeowners, too.<\/p>\n

According to Bank of America<\/em>, 49%<\/strong> of buyers between 18 and 26 got money from their parents to use toward their down payment (see chart below<\/em>):\u00a0<\/p>\n

$\"a$ <\/a>Even though the data doesn\u2019t specify how many parents used their equity, the wealth they\u2019ve built through homeownership may have helped make it possible \u2013 especially given how much equity the average homeowner has today.<\/p>\n

While what\u2019s right for each person\u2019s specific situation will vary on a case-by-case basis, that\u2019s a powerful legacy to pass on. It helps those younger people buy a home, build equity of their own, and begin the next chapter of their life with a little less financial stress and a lot more stability. And for those parents? It\u2019s a way to turn what they\u2019ve built into something deeply meaningful.<\/p>\n

This isn\u2019t just about money. For many homeowners, it\u2019s about being the reason their child gets to say, \u201cwe got the house.\u201d And giving them the kind of head start they might\u2019ve only dreamed of at their age. And here\u2019s the part that really sticks. Compare the Market<\/em> says:\u00a0<\/p>\n

\u201cOf those who did receive monetary aid from parents and grandparents to buy a house, <\/em>45% of Americans said they would not have been able to purchase a house without financial support from parents and grandparents<\/em><\/strong>.\u201d<\/em><\/p><\/blockquote>\n
Bottom Line<\/h3>\n
Your equity could be the thing that makes homeownership possible for your children when they might not be able to do it on their own. So, here\u2019s the question.<\/p>\n
If helping your kids buy a home was more feasible than you thought, would you want to explore that option?<\/strong><\/p>\n
If you want to learn more or find out the best way to make it happen, talk to your lender and a financial advisor you trust.<\/p>\n<\/div>\n\n<\/body>","protected":false},"excerpt":{"rendered":"
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