{"id":14807,"date":"2020-02-10T11:11:00","date_gmt":"2020-02-10T19:11:00","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=14807"},"modified":"2020-02-01T13:07:01","modified_gmt":"2020-02-01T21:07:01","slug":"78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2020\/02\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\/","title":{"rendered":"78% of 1st-Time Homebuyers Used in Combination of Own Savings with Financial Gifts Received from Family"},"content":{"rendered":"<p style=\"text-align: justify;\">A third of first time buyers have been forced to ask their families or friends for financial assistance in order to buy a home, the National Association of Realtors has revealed.<\/p>\n<p style=\"text-align: justify;\">Some 27% of first time buyers surveyed said they\u2019re received a cash gift from family or friends, NAR data shows.<\/p>\n<p style=\"text-align: justify;\">Jessica Lautz, vice president of demographics and behavior insights at the NAR, said that using family to help pay for a down payment was especially common among millennial buyers (those aged 20 to 28). It\u2019s also more common among unmarried couples, Lautz said.<\/p>\n<p style=\"text-align: justify;\">\u201cBoth sets of buyers have lower household incomes so may be less likely to scrape together the funds individually,\u201d she explained.<\/p>\n<p style=\"text-align: justify;\">First time buyers will also use whatever savings they\u2019ve managed to accumulate by themselves. The NAR\u2019s data showed that 78% of buyers used their own savings, often in combination with financial gifts received from family or friends.<\/p>\n<p style=\"text-align: justify;\">The benefit of using such financial assistance is that millennials are able to avoid renting a home. Instead, many move straight from living at their parent\u2019s homes to owning a home, without ever renting. Almost one-quarter of first-time buyers move directly from their parents, friends, or family\u2019s home into homeownership, according to NAR. The percentage has grown from 12% in 1993 to now 23%.<\/p>\n<p style=\"text-align: justify;\">\u201cThis living arrangement provides a number of benefits : Not only can a first-time buyer save for a down payment without the cost of rent, but they can also pay down any debt and get their debt-to-income ratio in check,\u201d Lautz said. \u201cIt may also be easier to navigate the tight housing market, as the buyer does not need to line up when a rental lease ends with the timing of purchasing a home. They are free to put down contracts on homes, which they may not get, with less pressure of where they will live if they lose out.\u201d<\/p>\n<p style=\"text-align: justify;\"><a href=\"https:\/\/realtybiznews.com\/first-time-buyers-increasingly-turn-to-bank-of-mom-dad\/98757432\/\" target=\"_blank\" rel=\"noopener noreferrer\">First-Time Buyers Increasingly Turn to Bank of Mom &amp; Dad<\/a> by Mike Wheatley | Realty Biz News<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A third of first time buyers have been forced to ask their families or friends for financial assistance in order to buy a home, the National Association of Realtors has &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2020\/02\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-14807","post","type-post","status-publish","format-standard","hentry","category-mortgage"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>78% of 1st-Time Homebuyers Used in Combination of Own Savings with Financial Gifts Received from Family &#8226; Rory C Real Estate | Oakwyn Realty<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.roryc.ca\/blog\/2020\/02\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"78% of 1st-Time Homebuyers Used in Combination of Own Savings with Financial Gifts Received from Family &#8226; Rory C Real Estate | Oakwyn Realty\" \/>\n<meta name=\"twitter:description\" content=\"A third of first time buyers have been forced to ask their families or friends for financial assistance in order to buy a home, the National Association of Realtors has &hellip; [read more]\" \/>\n<meta name=\"twitter:creator\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:site\" content=\"@RoryClipsham\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Rory Clipsham\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\\\/\"},\"author\":{\"name\":\"Rory Clipsham\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"headline\":\"78% of 1st-Time Homebuyers Used in Combination of Own Savings with Financial Gifts Received from Family\",\"datePublished\":\"2020-02-10T19:11:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\\\/\"},\"wordCount\":345,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/#\\\/schema\\\/person\\\/0672b9777e67473b9bd9247df49499c7\"},\"articleSection\":[\"Mortgage\"],\"inLanguage\":\"en-CA\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\\\/\",\"url\":\"https:\\\/\\\/www.roryc.ca\\\/blog\\\/2020\\\/02\\\/78-of-1st-time-homebuyers-used-in-combination-of-own-savings-with-financial-gifts-received-from-family\\\/\",\"name\":\"78% of 1st-Time Homebuyers Used in Combination of Own Savings with Financial Gifts Received from Family &#8226; 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