Mom-and-Dad Banks Step
Up Aid to First-Time Home Buyers
Last year, 27 percent of those purchasing a home for the first time received a cash gift from relatives or friends to come up with a down payment, according to data from the National Association of Realtors (NAR). That’s up from 24 percent in 2012 and matches the highest share since the group began keeping records in 2009. The inability to come up with the down payment was the top reason for renting rather than buying property, according to the Federal Reserve’s report on the 2013 economic well-being of households issued in July. The report also showed 10 percent of those leasing apartments last year were looking to buy a house. Fifty-four percent of first-time buyers in 2013 said their purchases were delayed because the burden of student loans prevented them from saving enough for a down payment, according to the NAR survey. First-time buyers accounted for 29 percent of previously-owned home purchases in July, compared with about 40 percent historically, data from the agents’ group show.
From "Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers"
Bloomberg (09/19/14) Jamrisko, Michelle
Last year, 27 percent of those purchasing a home for the first time received a cash gift from relatives or friends to come up with a down payment, according to data from the National Association of Realtors (NAR). That’s up from 24 percent in 2012 and matches the highest share since the group began keeping records in 2009. The inability to come up with the down payment was the top reason for renting rather than buying property, according to the Federal Reserve’s report on the 2013 economic well-being of households issued in July. The report also showed 10 percent of those leasing apartments last year were looking to buy a house. Fifty-four percent of first-time buyers in 2013 said their purchases were delayed because the burden of student loans prevented them from saving enough for a down payment, according to the NAR survey. First-time buyers accounted for 29 percent of previously-owned home purchases in July, compared with about 40 percent historically, data from the agents’ group show.
From "Mom-and-Dad Banks Step Up Aid to First-Time Home Buyers"
Bloomberg (09/19/14) Jamrisko, Michelle
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