Survey Finds 80 Percent of Gen Z Homeowners Received Down Payment Help

A LendingTree survey of first-time homebuyers found that 80 percent of Gen Z homeowners received financial assistance for the down payment on their current home. The survey also reported that 56 percent of millennials and 12 percent of baby boomers received similar help when purchasing their first homes.

Home prices have risen at twice the rate of income growth while inflation has reduced savings available for starter salaries, according to National Mortgage Professional. com.

LendingTree reported that 27 percent of Gen Z buyers received down payment help from parents and 27 percent received assistance from other family members or close friends. A Veterans United Home Loans survey found that 57 percent of parents have already provided or plan to provide homebuying assistance, including down payments, closing costs, and furnishings.

com that early expenses often stand between prospective buyers and homeownership.

More than one in three recipients of family aid said they could not have purchased their home without it, with the share rising to 44 percent among female respondents, LendingTree reported. The cash assistance helped 43 percent of recipients qualify for a mortgage and lowered monthly payments for 33 percent of those helped by family members.