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Gifted Down Payments: A Growing Trend Among Millennials and Gen Z
For Millennials and Gen Z, the dream of owning a home often feels out of reach without some form of financial assistance. Enter the gifted down payment—a trend that’s becoming increasingly common as families step in to help the next generation secure their first home.
Exploring Down Payment Options: Beyond the Gifted Fund
For Millennials and Gen Z, the journey to homeownership can feel daunting. With rising home prices, stagnant wages, and the burden of student debt, saving for a down payment is often the most significant barrier. While gifted funds from family members have become a common solution, they’re not the only option. Let’s explore some alternative sources and strategies to help young homebuyers gather the funds they need.
Mortgage Closing Costs
As a general rule of thumb, a homebuyer should set aside approximately 2% to 5% of the purchase price.
How To Come Up With Your Down Payment
I want to highlight the different options homebuyers have when it comes to their down payment in an attempt to ease any worry.
First Home Savings Account
In my professional opinion, investing in any of the four of these accounts is a great way to save for your future, whether that be for retirement or for your first home.