D.C. real estate agents see more nepo-homebuyers

The big picture: As housing costs soar, 26% of younger people who recently bought homes say they used family cash for down payments, up from 23% last year, according to Redfin research.

It's not just Mom and Dad, Suranna tells Axios. Nepo-homebuyers are borrowing cash from other friends and family, too.

• Buyers are cobbling together funds from a number of places right now, ranging from groups of family members to loans from their 401(k)s, he says.
• Suranna has been an agent for 20 years and says the trend ebbs and flows, depending on market conditions.

By the numbers: The median down payment on a D.C.-area home is $54,381, Realtor.com data shows.

• That's up roughly from $32,022 in early 2021.

The latest: Some couples looking to purchase homes are asking loved ones for cash instead of traditional baby or wedding gifts.

Reality check: Those "who don't have family money are often shut out of homeownership," Redfin chief economist Daryl Fairweather said in a research report.

What's next: President-elect Trump's proposals to blunt the high cost of housing include easing construction regulations and making more federal land available for development.

• But experts say there's no quick fix for the challenges plaguing the home market.