With home prices hovering at record highs and mortgage rates locked above 6%, the dream of homeownership is becoming a family affair. For many Gen Zers, the youngest generation entering the housing market, securing a home without help with a down payment is essential.Eighty percent of Gen Z homeowners received financial assistance to secure the down payment on their current home, according to a recent LendingTree survey of first-time homebuyers. In comparison, 56% of millennials and 12% of baby boomers required similar financial backing to purchase their first properties, LendingTree found. Don't Miss:Moving the Goalposts on Young BuyersGen Z is entering the workforce and the housing market during an exceptionally hostile economic climate. Home prices are escalating at twice the rate of income growth, while persistent inflation has eroded starter-salary savings, according to online mortgage industry publication National Mortgage Professional. Compounding the issue is that the amount of cash required to close a deal has ballooned. The median down payment hit a record high of $30,400, with some high-cost regions requiring even more, according to Realtor.com. Faced with these numbers, family members are stepping in to fill the void. According to LendingTree:
The Bank Of Mom And Dad — 80% Of Gen Z Homeowners Received Down Payment Help
With home prices hovering at record highs and mortgage rates locked above 6%, the dream of homeownership is becoming a family affair. For many Gen Zers, the youngest generation entering the housing market, securing a home without help with a down payment is essential.Eighty percent of Gen Z homeowners received financial assistance to secure the down payment on their current home, according to a recent LendingTree survey of first-time homebuyers. In comparison, 56% of millennials and 12% of baby boomers required similar financial backing to purchase their first properties, LendingTree found. Don't Miss:Moving the Goalposts on Young BuyersGen Z is entering the workforce and the housing market during an exceptionally hostile economic climate. Home prices are escalating at twice the rate of income growth, while persistent inflation has eroded starter-salary savings, according to online mortgage industry publication National Mortgage Professional. Compounding the issue is that the amount of cash required to close a deal has ballooned. The median down payment hit a record high of $30,400, with some high-cost regions requiring even more, according to Realtor.com. Faced with these numbers, family members are stepping in to fill the void. According to LendingTree:
