FAMILY
Helping a Loved One Buy a Home
Record-high prices, rising mortgage rates and high inflation are all obstacles for potential new homeowners. Learn how you can help a loved one break into a tough market.
Potential new homeowners are facing different challenges than the generation before them. To make matters worse, high inflation and rising rental prices are making it harder to save for a down payment.
The National Association of Realtors’ (NAR) housing affordability index fell in June 2022 to its lowest level since 1989, and while it edged up slightly in July, it remains extremely low.1 For Millennials, who are in their prime home-buying years, these obstacles of housing affordability are leaving many would-be buyers priced out.
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