Every social or cultural trend that emerges these days is immediately assigned a catchy, buzzword-y name, and now there's another: nepo-homebuying. It refers to the act of buying a house with the help of money from family, and while the "nepo" part of the name implies a level of stigma, realistically, how else are young people today expected to get on the property ladder? Homeownership in the US is wildly unaffordable, and the average age an American buys their first home is now 36, the oldest on record.

Lance Surety Bonds surveyed 396 homeowners, of which 66 percent were nepo-homebuyers, and 302 renters to get both groups' views on buying a house with financial assistance from family.

Key Findings:

• On average, nepo-homeowners received $20,676 from family members to help purchase a house.

• Of the nepo-homeowners surveyed, 65 percent say buying a home wouldn't have been possible without money from their family, and 67 percent received financial help without even asking.

• Sixty-two percent of nepo-homeowners were given a cash gift that they weren't expected to repay.

• The majority of renters (65 percent) believe the current state of the housing market is due in part to nepo-homebuying, while 16 percent say they plan to use inheritance funds to buy a home in the future.

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Via Lance Surety Bonds.

[Image credit: Finder]