(3TV/CBS 5) -- It's been constantly noted the vast differences of choices and lifestyles between millennial and baby boomers.
Unlike boomers in their younger years, who saved money to buy their first starter home, a recent study by Bank of America says millennials are taking a different route, turning to the Bank of Mom and Dad for their down payment responsibility.
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The report finds millennials are also snapping up houses in greater numbers, bypassing the traditional gateway to starter, or entry-level, homes – and buying larger, more expensive houses.
We talked to the folks at OpenDoor, a real estate company, and they are seeing this trend.
"I don't think of it as Mom and Dad giving up money in a sense. Millennials and those who are 37 years old and younger are the largest buying demographic from 2018. Over half of those, it was their first home purchase. More than a quarter of those transactions, the parents or grandparents helped provide funds to purchase that home," says Tyler Hixson with OpenDoor. "The reason I say it's not giving up funds is real estate is still a really great investment. It's one of the strongest housing economies we've seen in 20 years."
There are also reports that for married couples buying homes, they collect even bigger down payments coming from both sets of parents.