Story at a glance
- A YouGov poll published Tuesday found 79 percent of Americans between the ages of 18 and 29 had assistance from their parents when buying a home.
- Eighty percent of people over 65 said they received no help from their parents.
- Since 2000, median home prices have increased by 160 percent.
More than a third of Americans who’ve ever owned a home received financial help from their parents and one in ten homeowners said their parents purchased the property for them outright, new polling data shows.
A YouGov poll published Tuesday, amid an ongoing housing crisis in the U.S., found that the number more than doubles among young adults. Around 79 percent of Americans between the ages of 18 and 29 had assistance from their parents.
But the homebuying experience for adults in the Baby Boomer generation seems to be wholly different, as 80 percent of people over 65 said they received no help from their parents when buying a home. Nearly three-quarters of respondents between the ages of 45 and 64 said the same.
The poll also found that more than half of Americans say they own a home.
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Median housing prices have spiked significantly since the onset of the coronavirus pandemic. Prices shot up to $428,700 in the first quarter of 2022 — up from $329,000 in the first quarter of 2020, according to the U.S. Census Bureau.
Since 2000, median home prices have increased by 160 percent, all while estimates show there is a shortage of around 1.5 million homes in the U.S. And in the past year, average home prices have increased by nearly 16 percent, with average prices in April jumping to $570,300 from $522,500 in March.
The housing crisis, fueled by the shortage and rising inflation, led the Biden administration to outline a plan to combat it. This plan includes expanding financing for development, encouraging development of low-income housing, combating rising rental costs and working with the private sector to alleviate supply chain issues.
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