In a new report sponsored by Legal & General Group and released today, family and friends play a major role in the U.S. housing market, supporting the purchase of $317 billion worth of property across America in 2018.
27 Feb 2019
US: The Bank of Mom and Dad Report 2019
This accounts for 1.2 million homes, with an average sum of $39,000 lent or given—if it were an actual business, BoMaD would be the Number 7 lender, ranking among the Top Ten U.S. mortgage lenders.
Key findings of the 2019 BoMaD USA study include:
Nigel Wilson, Legal & General Group CEO: "BoMaD reflects a housing market where significant problems remain in matching the supply and demand of different types of housing, most notably starter homes and affordable housing. As the population changes and the Millennial generation strives to join the homeowning democracy, new thinking is due on meeting the needs and aspirations of Americans."