Axios D.C.

November 16, 2024
Hello, Saturday! We're talking about how first-time homebuyers are making it happen.
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Today's newsletter is 406 words — a 1.5-minute read.
1 big thing: 💸 Banking on friends and family
DMV first-time home buyers are leaning on their networks to help them buy homes, local agent Christopher Suranna says.
Why it matters: It's one more sign of a tough real estate market.
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.
2. 🪃 Rooming with Mom and Dad

Young adults ages 25-34 are increasingly living with their parents, according to census data.
Between the lines: Some people are boomeranging to save up for a home.
- 13% of millennials and Gen Zers say they are likely to live with family to fund a down payment, per Redfin.
3. 💍 Calling engaged or newly married couples
We want to hear about your wedding registries.
- Are you asking for house funds instead of houseware? Pruning your wishlist to fit inside a shared apartment?
- What gifts are you most interested in receiving?
Email [email protected] or hit reply with your full name and neighborhood. We may feature your insights in an upcoming newsletter.
Our picks:
💞 Sami is visiting her sister.
🥳 Bri is celebrating her 30th!
Thanks to our editor Ashley May.
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