1 in 4 First-Time Buyers Will Use Stimulus Funds for Home Purchase

  • February 8th 2022

by Nena Perry-Brown

The results of a recent survey confirm what many predicted would be the case for some recent first-time homebuyers: those federal relief checks are enabling them to make home purchases.

Nearly one in four prospective first-time homebuyers were able to save for a down payment using federal stimulus funds, according to a Redfin survey. The average household with children received over $6,600 in 2021 from both stimulus checks and the child tax credit. 

Survey responses on sources of down payment funds. Click to enlarge.

“Stimulus payments provided a lot of Americans not only with necessary relief, but extra money in their pockets," Redfin Chief Economist Daryl Fairweather said in a statement. "Some people were also able to save more money than usual because they spent less on things like traveling, eating out and paying back student loans, which were paused during the pandemic. ”

A survey last year noted that 83% of young adults saved during the pandemic, and 60% of those who saved planned to use that savings for a down payment.

See other articles related to: down payment, first-time buyers, redfin

This article originally published at https://dc.urbanturf.com/articles/blog/one-in-four-first-time-buyers-will-use-stimulus-funds-for-home-purch/19246.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!