President Obama reminded Americans Wednesday afternoon that he didn’t come from a “fancy background” and actually had to live in his mother-in-law’s house while he was saving for a down payment for a home.
During his interview with Zillow.com about the housing market, Obama was asked a question from Jacob Rahn – a young millennial from Los Angeles who was living at home because of his high student loans.
Obama indicated that young people should be able to find affordable rental housing so they can save for a house at the same time.
“That’s traditionally how folks did it,” Obama said. “It’s nice if your parents can help you or your grandparents, but for folks like Michelle and I who didn’t come from a fancy background – actually we lived in Michelle’s mom’s house for a couple of years – just like Jacob – before we were able to get the down payment together and that's how we do things.”