Y
oung Americans are taking creative approaches to buying their first homes, with some turning to family for help and others tapping unconventional sources. A Redfin report found that nearly a quarter of Gen Z and millennial homebuyers used gifted money or inheritance to cover down payments.

    Some buyers sold stocks, cashed out cryptocurrency, or even dipped into retirement accounts to make ends meet. This trend highlights a willingness among younger buyers to prioritize homeownership over long-term financial vehicles. In contrast to older generations, who often relied on equity from prior homes, some Gen Z and millennial buyers are already leveraging home equity themselves.

    Cutting expenses remains a common strategy: 18% lived with family or friends to save up, while 17.6% took second jobs and over 12% reduced their retirement contributions. Despite these efforts, overall homeownership rates among young Americans remain below historical levels. As of 2024, just 26% of older Gen Zers and 55% of millennials owned homes – trailing their predecessors at similar ages.

    The data suggests a generation willing to sacrifice and improvise to get into the housing market. However, whether these unconventional approaches will pay off in the long run remains uncertain.