Take a look at how homebuying services are using crowdfunding and other flexible options in order to provide alternatives for a generation that is struggling to afford homes

According to a 2018 report from the National Association of Realtors, more than 50% of homebuyers under 36 said that student debt delayed their homebuying. Barring new policy or government intervention in the near future, the real-estate industry is looking for ways to innovate around this financial predicament in order to prevent serious fallout.

Indeed, leading retailers are responding to this issue by providing platforms that make home buying more accessible for all types of consumers, allowing alternative forms of funding like crowdsourcing or even offering assistance to bolster customers’ financial situations. From PSFK's Digitizing The Homebuying, Browsing & Mortgage Experience report, here's how three of today's top brands in real estate are democratizing financial support in order to encourage millennials to invest in a home:

HomeFundIt
Billed as the first crowdfunding platform for homebuyers, HomeFundIt gives aspiring homeowners a way to source down payments and other associated moving costs from family members and friends. After completing a conventional financial agreement with a bank or mortgage lender, consumers can rally their eligible network to help support their down payment needs.

Airbnb Backyard
Airbnb Backyard will sell houses through its initiative called Backyard, an endeavor to design and prototype new ways of building and sharing homes in 2019. Backyard was initiated as part of Samara, Airbnb’s futures division, which was made to develop new products and services for the company.

Landed
Housing finance startup Landed provides teachers with down payment assistance as they search for homes. The primary goal behind the company is to prevent teachers from leaving their jobs, often because teaching salaries are inadequate in cities with expensive housing like San Francisco, Seattle and Los Angeles. Landed also offers flexible options to ensure their customers can find appropriate housing options within their city and/or lifestyle preferences.

Millennials are now the largest group of home buyers, accounting for 35% of sales, compared to 26% for Gen-X and 16% for younger boomers. For a full analysis on the digital state of the real estate market today, download PSFK's Digitizing The Homebuying, Browsing & Mortgage Experience report, out now.


Lead image: stock photos from Yulai Studio/Shutterstock

According to a 2018 report from the National Association of Realtors, more than 50% of homebuyers under 36 said that student debt delayed their homebuying. Barring new policy or government intervention in the near future, the real-estate industry is looking for ways to innovate around this financial predicament in order to prevent serious fallout.

Indeed, leading retailers are responding to this issue by providing platforms that make home buying more accessible for all types of consumers, allowing alternative forms of funding like crowdsourcing or even offering assistance to bolster customers’ financial situations. From PSFK's Digitizing The Homebuying, Browsing & Mortgage Experience report, here's how three of today's top brands in real estate are democratizing financial support in order to encourage millennials to invest in a home: