Gen Z and millennials look to relatives for down payment funding

ByBriana Conner KTRK logo
Friday, March 22, 2024
First-time home buyers struggling to save up for down payment
ABC13 takes a look at the real estate market and how it's affecting first-time buyers, specifically Gen Z and millennials.

HOUSTON, Texas -- The real estate market is still a tough sell for first-time home buyers.

The country is experiencing the highest mortgage rates and home prices in a generation, and a lot of people are having a hard time saving up for a down payment.

Local real estate expert Tricia Turner said the pandemic is behind us, but there are still lagging factors from lockdowns impacting the market. Many young people moved in with their parents, and now those relatives are ready for their kids to relaunch.

SEE ALSO: Texans are paying the 7th highest property taxes in the United States, report shows

Turner also explained that there's other assistance available for first-time home buyers, even if they don't have family members who can help them with money for a down payment.

You can watch Turner's full interview in the video player above.

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