Foyer's Q2 State of First Time Homebuyers Report

We are excited to share the findings of the Foyer Q2 First Time Homebuyers Survey!

We surveyed 250 Foyer app users who are saving for their first homes, here's what we learned:

• The #1 reason customers are drawn to Foyer continues to be our down payment matching feature. This last quarter we launched a premium membership that gives you even more matching towards your home! 
• 57% were not saving for a home prior to discovering Foyer, a slightly higher % than Q1.
• 65% now intend to pursue a monthly savings plan or use direct deposit! We love keeping folks on track.
• 48% say saving for a down payment is their primary headwind while 23% are struggling with the mortgage rate environment
• 37% want to purchase in the next 12 months
• On a scale of 1 (no understanding) to 5 (very high understanding)  - members on average have some understanding (3.2) of lenders and agents. However, Title Insurance scored just 2.6.
• Excitingly, we launched a new matching feature for mortgage companies and real estate agents and are seeing that ~50% of members plan to use this feature vs. 10-15% still plan on using a friend or family’s recommendation.

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