Because it was a sponsor apartment, their down payment was just 10percentt.
"For $3,000 I could have gotten an apartment, a down payment and a security deposit and some furniture," Ms. Colon, 49, said.
The monthly payment would be $900 for an 850-square-foot, two-bedroom apartment with a down payment of $5,138 and a proportionate share of the underlying mortgage of $129,000.
When his mother and brother immigrated to New York, Tom bought his own shop in Brooklyn, using money from the sale of their apartment for a down payment.
Reports are surfacing in my area of Vancouver, B.C. that baby boomer parents are helping their children buy new homes and apartments, financing the down payment or even making mortgage payments.
"It was kind of terrifying," Mr. Fishman admitted of the scene that greeted him in the fall of 2005, when he bought the apartment for $415,000, the down payment raised entirely from the sale of his old place.
When Wu bought his apartment five years ago his down payment was just 20% of the price far less than Ning would have to put down if he were to buy.
The reason that many generation Y adults are living at home with Mom and Dad is that unemployment or underemployment, coupled with the minimum-wage jobs that they have disproportionately inhabited by default, do not provide wages ample enough to make renting a decent apartment or putting a down payment on a home possible.
Goal: down payment for apartment by 30.
She made a down payment on an apartment in West Roxbury, Mass., for herself and her son Mikalo, now 5.
