Gen Z Homebuyers Rely Heavily on Family for Down Payments Amid High Costs
A recent survey by LendingTree highlights the financial challenges faced by Gen Z homebuyers, with nearly 80% of them receiving financial assistance for down payments. This trend is significantly higher compared to 56% of millennials and just 12% of baby boomers. The survey indicates that many Gen Z individuals, who are entering the workforce and housing market during a period of high home prices and inflation, find it difficult to secure financial stability. As a result, they are increasingly turning to family and friends for financial support. The assistance not only helps them afford the initial down payment but also aids in qualifying for mortgages and reducing monthly payments. The survey also reveals that 27% of Gen Z respondents received help from their parents, while others received support from extended family or friends. 
