Key Research Highlights How Down Payment Assistance Can Make Homeownership More Attainable

The Road to Homeownership: A Comprehensive Guide to Down Payment Assistance

When seeking to buy a home, one of the biggest challenges buyers face is gathering the necessary amount for the down payment. Therefore, it is essential for potential homeowners to know about all available resources that can help in this process.

In today’s real estate market, characterized by unstable interest rates and high property prices, the amount saved for a down payment can be crucial in determining whether a home purchase is feasible. According to new research from The Best, a buyer with a median income needs to save nearly $129,000 to acquire a typical home—an amount that can take up to 12 years to save.¹

This task can be quite challenging without external assistance. The data from The Best's research reveals that 42% of buyers last year used gifts from family or friends as part of their down payment. Down payment assistance is often overlooked, which is why we are sharing information about this assistance to better equip buyers with the resources they need to secure their dream home.