"Zillow data shows that in 2025, the typical median-income family would need to earn about $17,670 more this year than last to afford the mortgage on a typical US home. It couldn't happen at a worse time. While home prices are dippingin some cities, they remain high nationwide. And even though mortgage rates have edged lower week by week, they're still hovering around 6% - a far cry from the 3% range seen just a few years ago."
"However, Zillow's home trends expert Amanda Pendleton notes that some young homebuyers are finding a workaround - by asking friends and family to help them fund a home purchase. "Spoiler alert, they're not doing it alone. Thirty-eight percent of all buyers today are getting some kind of gift or loan from a family member or friend. And another fun stat - 20% of wedding registries now include house funds," Pendleton told Katie Notopoulos on Business Insider's new video podcast, "Well Spent.""
Becoming a homeowner is financially out of reach for many millennials and Gen Z buyers. In 2025, the typical median-income family would need about $17,670 more than last year to afford a mortgage on a typical US home. Home prices remain high nationwide despite small dips in some cities, and mortgage rates hover around 6%, far above the 3% seen a few years ago. The economic backdrop includes sluggish growth, slower wage increases, and widespread layoffs. Many young buyers are receiving gifts or loans from family and friends, and about 20% of wedding registries now include house funds.
Read at Business Insider
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