Nepo-Homebuyers: More Than One-Third of Gen Z and Millennial Homebuyers Plan to Use Family Money For Down Payment
Redfin Corporation (RDFN)
Last redfin corporation earnings: 2/12 04:01 pm
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Source: Business Wire
Young Americans who have the means are turning to family for help with down payments as housing costs soar. SEATTLE--(BUSINESS WIRE)--(NASDAQ: RDFN)—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, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage.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 to save money for down payments.Working to earn money is the most common way for young buyers to fund down payments: 60% report they’ll save directly from paychecks, and 39% are likely to work a second job, the most common responses to this question.That’s based on a Redfin-commissioned survey conducted by Qualtrics in February 2024. The
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News
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- Redfin Reports Home Prices Stagnate in Florida and Texas as Supply SoarsBusiness Wire
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- Redfin to Announce First-Quarter 2024 Results on May 7, 2024Business Wire
- Nearly 40% of Homeowners Couldn’t Afford Their Home If They Were to Buy It TodayBusiness Wire
RDFN
Earnings
- 2/27/24 - Beat
RDFN
Sec Filings
- 4/26/24 - Form 3
- 4/25/24 - Form ARS
- 4/25/24 - Form DEFA14A
- RDFN's page on the SEC website