DAVE & DUJANOVIC

Lifejacket parents: Homebuyers under 30 getting help from family on down payment

Oct 23, 2023, 10:00 PM

Homebuyers under 30 are receiving help from their family for a down payment, according to a Redfin-...

Homebuyers under 30 are receiving help from their family for a down payment, according to a Redfin-commissioned survey. (Credit: Michael Reynolds/EPA-EFE/Shutterstock)

(Credit: Michael Reynolds/EPA-EFE/Shutterstock)

SALT LAKE CITY — A survey showed that 38% of homebuyers under 30 used money from their family to afford a down payment. 

That’s according to a Redfin-commissioned survey conducted in Spring 2023 of recent homebuyers. The survey showed young homebuyers used cash from a family member or an inheritance as their down payment. 

On a recent episode of Dave and Dujanovic, Dave says there’s a big temptation for parents to relieve that burden for their children. However, it could mean sacrificing retirement savings. 

“I remember reading an article in Fortune magazine that says parents are sacrificing retirement savings to help their Gen Z or millennial kids, set them up for success,” Dave said. 

He goes on to say that this creates a vicious cycle. If parents don’t have enough money for retirement, you may end up going to your children for help. 

“And what do you do? Do you ask them for a refund,” said Dave.

Would you help your children with a down payment? 

Debbie Dujanovic says she’s a lifejacket parent, meaning she plans on helping her children with a down payment. Contrary, Dave is a sink-or-swim parent and says he loves the lessons it teaches his kids. 

“You’ve got to be self-sufficient. 100% self-sufficient. Anything that I can give you is a gift,” he said. “For the first 18 years of your life,  I fed you, I housed you, I put you in, you know, every opportunity. Piano lessons, baseball games, everything I could do. And at that point, now it’s on you.” 

A survey from Bankrate suggests Gen Z is not attaching home ownership to the American dream.

In the survey, 63% of Gen Z respondents associate owning a home with the American dream. Overall, 73% of those surveyed associate owning a home with the American dream. 

“What that says to me is that our kids are not attached. And they’re not attaching their home ownership to the American dream, they’re much more willing to rent,” Debbie said.

Related reading:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Dave & Dujanovic

olympic fashion in 2024, an example of team usa's uniform is shown...

Curt Gresseth

2024 U.S. Olympic fashion: Classic or predictable?

Are the U.S. 2024 Olympic uniforms the height of fashion or predictable, clichéd and boring?

13 hours ago

Republican nominee Celeste Maloy wins Utah's 2nd Congressional District....

Adam Small

Rep. Celeste Maloy talks Republican National Convention, primary election recount

Utah Rep. Celeste Maloy said she still doesn't know if she's won the republican nomination for the Utah second congressional district house seat

2 days ago

A yellow air taxi flies across a building in a conceptual rendering....

Mariah Maynes

What’s the future of Utah transportation? One expert says air taxis

Utah is among the fastest-growing states in the U.S. Could air taxis be the answer for getting people around during the Olympics?

8 days ago

Alec Baldwin trial...

Amie Schaeffer

Alec Baldwin involuntary manslaughter trial begins in New Mexico

Alec Baldwin involuntary manslaughter trial begins with jury selection on Tuesday July 9, 2024 in Santa Fe, New Mexico.

9 days ago

Peter Salm, a family member of a fatal road rage victim, shakes hands with Sen. Todd Weiler, R-Wood...

Kyle Remund

New road rage law aims to curb future incidents

Initially passed this spring, the law provides for harsher penalties for road rage incidents in an effort to prevent more violence.

9 days ago

someone taps on facebook icon, utah lawmakers working to protect kids from social media...

Curt Gresseth

Utah lawmaker talks about his work to shield kids from social media

State Sen. Mike McKell discusses the legislation he has sponsored to undo the harm to Utah children from social media.

26 days ago

Sponsored Articles

A young woman smiles while reading the menu at a lakeside restaurant, enjoying the panoramic view o...

Bear Lake Convention & Visitors Bureau

The best restaurants to try in Bear Lake

Save this guide to the best restaurants in Bear Lake when you need to find a place to dine during your next visit.

Female leg stepping on weigh scales. Healthy lifestyle, food and sport concept....

Health Utah

Sustainable weight loss: the science-backed way to achieve it

Learn more about Debbie's weight loss journey with Health Utah, who have a unique weight loss philosophy for success.

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

Lifejacket parents: Homebuyers under 30 getting help from family on down payment