“Children begin by loving their parents; as they grow older they judge them; sometimes they forgive them. “ – Oscar Wilde
This week my twins Natalie and Quinn turned the big #16…an exciting milestone for our household and a very busy week at the DMV. While they are thinking more about buying cars than purchasing a home, I have been noticing a lot of media headlines regarding the concept of parents and grandparents helping their children financially with their first home purchase. Millennials are a massive group of people - about 72 million - who have entered the home-buying age as their careers take off, they start to form families and accumulate savings. They will continue to grow their wealth over the next few years and many will be beneficiaries of gifts from parents, grandparents, and inheritance as the greatest wealth transfer in history will occur - $68 TRILLION - that is estimated to happen simultaneously.
A recent report by Lending Tree listed the top metros in the US where Millennials are buying. They are: San Jose, Denver, Boston, Seattle, Austin, San Francisco, New York, San Diego, Los Angeles, and Washington DC.