{"id":79008,"date":"2024-12-19T05:30:20","date_gmt":"2024-12-19T13:30:20","guid":{"rendered":"https:\/\/www.redfin.com\/news\/?p=79008"},"modified":"2024-12-18T13:21:15","modified_gmt":"2024-12-18T21:21:15","slug":"homebuyers-kids-family-help-survey","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/homebuyers-kids-family-help-survey\/","title":{"rendered":"Homebuyers With Kids Are Twice As Likely to Get Family Help For Down Payments Than Those Without Kids"},"content":{"rendered":"

Homeowners with kids living under their roof are much more likely to receive help from family with down payments and\/or monthly mortgages than their no-kids counterparts, according to a recent Redfin-commissioned survey. That\u2019s partly because they\u2019re buying bigger, more expensive homes.<\/span><\/i><\/p>\n

One-quarter (25%) of recent homebuyers who have kids living at home received a cash gift from family to help fund their down payment, more than double the 12% of recent buyers <\/span>without <\/span><\/i>kids who received such a gift.\u00a0<\/span><\/p>\n

The survey findings in this report are from a Redfin-commissioned survey conducted by Ipsos in September 2024, fielded to 1,802 U.S. residents aged 18-65. This report compares respondents who have children under 18 living in their home to respondents who don\u2019t. Please see the end of this report for more methodology details.\u00a0<\/span><\/p>\n

Homeowners with kids living under their roof are also more likely to receive family help for mortgage payments. One in six (17%) homeowners with kids report receiving financial support from family to help pay their mortgage, compared to 8% of those without kids. And 11% of homeowners with kids have used inheritance money to pay their mortgage, versus 7% of those without kids.\u00a0<\/span><\/p>\n

Receiving family money is just one way people reported paying their housing expenses. We also asked respondents about a number of other methods people commonly use to pay their mortgage. Homeowners with kids at home were more likely than those without kids to use nearly every method we listed. They\u2019re twice as likely to work a side hustle (23% vs. 12%), and nearly twice as likely to pull money out of retirement funds early (14% vs. 9%).\u00a0<\/span><\/p>\n

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U.S. housing costs have risen more than 40% since before the pandemic, with soaring home prices and mortgage rates making it difficult for many people\u2014with or without kids\u2014to afford a home. Half of homeowners with kids struggle to afford their housing payments, according to the survey. Homeowners without kids are roughly equally as likely to struggle.<\/span><\/p>\n

There are several reasons people with kids may be more likely to receive help from family with their down payments and\/or mortgage payments:<\/b><\/p>\n