1 in 5 First-Time Buyers Use a Gift from a Relative To Buy a Home

If you’re a homeowner watching someone you love try to buy their first home, this is worth thinking about. Nearly 1 in 5 first-time buyers are getting a gift from family or friends for use as their down payment. And many parents and grandparents are able to offer that help because of the home equity they’ve built over the years. That doesn’t mean you have to do anything. But it may be worth asking: could a small portion of the equity you’ve built open a door that might otherwise stay closed? If you’re curious what your equity could make possible for your family, let’s talk it through.