WRE News October 12, 2023
Buyer
Today’s homebuyers are receiving more than a little help from their families in their pursuit of the American Dream of homeownership.
A new survey of 2,000 adults by LendingTree (NASDASQ:TREE) found nearly two in five homeowners (39%) have received down payment assistance – with 78% of Gen Z homeowners reporting some financial support for a down payment, mostly from their parents. The survey also found 54% of millennials have received down payment help, followed by 33% of Gen Xers.
“In today’s housing market where — even if you can get approved for a loan — buying can still be prohibitively expensive, the more help you have with things like a down payment, the easier buying can be,” said LendingTree Senior Economist Jacob Channel. “Ultimately, even though that figure is high (probably higher than many people would expect), it speaks to how expensive and tough to navigate today’s housing market can be.”
Separately, a Realtor.com-Censuswide survey of 2,291 Americans planning to buy a home within the next 12 months found roughly half of the respondents (51%) were potentially looking to their parents to help them prepare for buying a home, with nearly one third (29%) saying they have already moved in with their parents to help save money in preparation for buying a home and another quarter (22%) saying they would consider doing so.
Also, one third (32%) of respondents said they were even cohabitating with other family members to help save enough money to buy a home – including siblings, aunts and uncles, and cousins, with another 24% stating they would consider going this route.
“The challenging market conditions this year are changing buyer behavior in significant ways, driving many more people to explore alternative living situations they may not have considered in the past,” said Danielle Hale, chief economist at Realtor.com. “Mortgage rates hovering at or near 7% have eroded buyers’ purchasing power at a time when the consistently low number of homes for sale has kept housing markets surprisingly competitive.”
Stay up to date on the latest real estate trends.
Buyer
July 1, 2025
Multi-generational living is on the rise.
Seller
June 30, 2025
Here’s something you need to know.
Buyer
June 29, 2025
We’ve officially reached the dog days of summer, and it’s not just you panting for relief.
Buyer
June 29, 2025
When choosing a fresh coat of paint for your space, picking the perfect color can feel like the most daunting task.
Buyer
June 29, 2025
If you're tired of seeing plain white walls and neutral interiors, then you'll be pleased to know that deeper jewel tones are trending again.
Lifestyle
June 28, 2025
Peppers add color, crunch, and a kick of flavor to everything from fajitas to fresh salads, but these heat‑lovers thrive when surrounded by the right garden friends.
We Guide Homeowners through the complicated process of selling their home using our 4 Phase Selling Process and 3 Prong Marketing Strategy that alleviates their stress and moves them effortlessly to their next destination. Schedule a 15 Minute Complimentary Strategy Session Today