October 4, 2023
Gifting Homeownership: 22% of first-time homebuyers received help from others
In today's challenging real estate market, where high rents and student debts burden the aspirations of many young adults, gifting a down payment to your child might seem like a beacon of hope. Indeed, the National Association of Realtors reported that 22% of first-time homebuyers in 2022 utilized gift funds from family or friends for their down payment. For those under 30, that number increases dramatically to 40% according to a recent study by Redfin!