Posted 3/27/2024, 5:05:00 PM
Young Homebuyers Turn to Family for Down Payments as Prices Soar Out of Reach
- Over a third of millennials and Gen Zers expect family help with down payments as home prices soar
- 38% of buyers under 30 used family cash gifts or inheritance for down payments in 2022
- Prices up 40% since pandemic, making savings for down payments nearly impossible
- Self-made millionaires like Barbara Corcoran advise tapping parents for help to buy
- Lack of family money shuts many young people out of homeownership altogether