Coming up with a down payment can be an obstacle for some buyers, especially in the aftermath of pandemic-era price increases. Buying a home has gotten more expensive over the past few years and affording the upfront costs requires a plan. Fortunately, home buyers have options.
For one, they don't have to have a full 20 percent down payment in order to purchase a home. In fact, according to one recent survey, 48 percent of recent buyers put down less than 20 percent when buying their home. Additionally, home buyers don't have to do it all on their own.
The same survey found 43 percent of buyers said they used a gift from family or friends for at least part of their down payment. That's not uncommon, especially among first-time home buyers. But the share of home buyers who used a gift as part of their down payment has been rising. It's now the highest it's been since 2018.
[Source: PR Newswire]
