Coming up with an adequate down payment can be difficult for any home buyer. It's especially tough, though, for first-time buyers. Without the benefit of a home to sell, first-time buyers have to come up with a down payment from scratch. That means saving money. But saving up isn't the only way to find funds to fuel your home buying dreams.
Another popular options younger buyers often use is gift funds from friends and family. According to one new analysis, 43 percent of first-time home buyers used gift money to fund, at least, part of their down payment. These days, wedding registries in particular are an increasingly popular option for hopeful buyers looking to buy their first home.
In fact, the use of wedding registries to fund down payments has increased 55 percent since 2018 and now includes nearly 20 percent of all engaged couples registered on the popular wedding website The Knot.
[Source: PR Newswire]
