Most Americans believe owning a home is a significant part of achieving the American Dream. But today so many believe the dream is out of reach.

One of the most practical ways to leave a financial legacy is to help an adult child or grandchild buy a home. Tapping into your equity helps build generational wealth for your family. In fact, last year 54% of millennials who purchased a home received help with the down payment. 

The average homeowner has 40 times the net worth of the average renter. And I’m sure we all want to put our families in that kind of situation. Down payment assistance could help them buy in a neighborhood with better schools, helping your grandkids to get ahead in life. It can even help your family avoid tapping retirement accounts to buy a home. 

So, if you’re one of the 39% of homeowners who own their home free and clear, maybe you could tap into some of that equity to help the next generation get their start. 

The number one reason people want to move in 2024 is to be closer to family. And if it’s time for you to downsize, maybe you could relocate to an area where your family acquired a home because you assisted with the purchase.

For those of you trying to get on the real estate ladder, maybe it’s time to talk with family about getting some help with your down payment. In the meantime, take steps to get your credit score and savings on the right path.  

If you have any questions on today’s topic, give me a call and I’ll be happy to help!