As down payments rise, many buyers rely on gifts from family
By Jeffery Marino
What’s a first-time homebuyer to do?
As home prices rise, so do down payments. The median sale price for a home in Northeast Los Angeles was $1.075 million in October. At that price, a buyer would need $215,000 to make a 20% down payment.
To make matters more difficult, buyers who need time to save up for a house are likely to find that home prices rise faster than their savings accounts. There’s more. Read on.
