An increasing number of first-time home buyers are living with parents and other family members before buying their own homes, according to a blog post by National Association of REALTORS® Vice President of Demographics and Behavioral Insights Jessica Lautz.

The percentage of first-time home buyers who live at home before purchasing their own home increased from 12 percent in 1993 to 23 percent in 2019, says Lautz. In the “Bank of Mom and Dad,” she says 30 percent of younger millennials moved directly from a family member’s home. Single males and unmarried couples were more likely to have these arrangements than others.

Living with family members can help young consumers save money for down payments, reduce debt-to-income ratios for borrowing and allow greater freedom for the timing of home purchases. Those who must coordinate their purchases with the end of leasing arrangements face greater pressure in the process, she says.

Twenty-seven percent of first-time buyers received monetary gifts from friends and family, says Lautz.