Recently Redfin’s chief economist, Daryl Fairweather, coined a new subset of homebuyers. The group had a few attributes in common: They’re millennials and Gen Zers, mostly. They desperately want to buy a home. But by and large they’re not applying for mortgages at Chase or BofA. They’re looking for help much closer to home.
Fairweather calls them “nepo-homebuyers,” and they’re much more common than you might think. Earlier this year, Redfin conducted a survey of recent movers and found 38% of more than 500 buyers under the age of 30 either used a cash gift from a family member or an inheritance for their down payment.
