Greater Boston single-family median sales price topped $1M this spring, above $989.5K in prior Early-Q2, as housing costs kept rising across the area.
Higher prices have pushed more parents to support adult children’s purchases, especially first-time buyers who need down payment help to reach homeownership.
Family support can be invaluable, but tax professionals warn some gifts may trigger tax laws, making planning important before funds change hands.
In ~half of one local Real Estate professional’s transactions, parents contributed in some capacity to help adult children buy homes in Greater Boston.
Gift amounts can be substantial: the local professional has seen parental gifts reach $2M for home purchases in the Greater Boston area.