More than one-third (36%) of Gen Zers and millennials who plan to buy a home soon expect to receive a cash gift from family to help fund their down payment.
That’s according to a Redfin-commissioned survey conducted by Qualtrics in February 2024. The nationally representative survey was fielded to 3,000 U.S. homeowners and renters.
Young homebuyers are also receiving help from family members in other ways. Roughly one in six (16%) Gen Zers and millennials say they’ll use an inheritance to help fund their down payment, and 13% plan to live with their parents or other family members.
