Gen Z Homebuyers Rely on Parental Financial Assistance Amid Rising Housing Costs
A recent survey by LendingTree reveals that 80% of Gen Z homeowners received financial assistance from their parents to secure down payments for their homes. This trend is significantly higher compared to 56% of millennials and 12% of baby boomers who required similar support. The median down payment has reached a record high of $30,400, exacerbating the financial challenges for young buyers. The economic climate, characterized by escalating home prices and inflation, has made it difficult for Gen Z to enter the housing market without external financial help. Many parents are stepping in to bridge the gap, with 57% of them providing or planning to provide homebuying assistance. 
