Surge in 'Nepo-Homebuyers' Among Millennials and Gen Z Challenges Housing Market Equity

A recent survey reveals a significant increase in young Americans relying on family financial support for home down payments, exacerbating wealth gaps.

Over one-third of prospective Gen Z and millennial homebuyers expect to use family financial support for down payments, doubling since 2019.
The rise in 'nepo-homebuyers' is attributed to soaring housing costs, with home prices in the U.S. up almost 40% since before the pandemic.
Affordability remains the primary barrier to homeownership, with many young people without family financial support being priced out of the market.
Strategies for affording down payments include using cash gifts, inheritances, and living with family to save money.
The housing affordability crisis is seen as a challenge to achieving the American Dream, impacting class mobility and wealth accumulation.