It's no secret that the housing market has been very difficult in the past few months. Mortgage rates hovering around 8%, high prices and low inventory partly due to homeowners feeling "locked in".
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The housing market is booming and much of the surge is due to first-time homebuyers. But amid a raging pandemic and soaring home prices, their parents also deserve a heap of credit.
More than half of Americans who bought their first home in 2020 said family or friends helped them with the down payment, according to a survey of 1,000 recent and prospective buyers conducted January 7-11 by HarrisX for realtor.com.
In July, just 26% of first-time home buyers who purchased during the prior 12 months said they got assistance from family or friends, according to a separate survey by the National Association of Realtors (NAR).