Home >> Market Trends >> Affordability >> Homebuyer Assistance Programs Increase for Fifth-Straight Quarters
Print This Post Print This Post

Homebuyer Assistance Programs Increase for Fifth-Straight Quarters

Down payments are typically the biggest hurdle for homebuyers to overcome before searching for a new home. But due to the meteoric rise in housing prices since the pandemic, the down payment needed to secure a home is only getting bigger. 

But according to the Down Payment Resource (DPR), a firm which tracks homebuyer assistance programs, has released its latest quarterly report finding that nationwide there were 2,351 homebuyer assistance programs in its database during the fourth quarter of 2022, an increase of 1.82% from the third quarter of 2022 marking the fifth consecutive quarter of increases in the number of programs aimed toward buyers. 

The Q4 2022 HPI examined a total of 2,351 homebuyer assistance programs that were active as of January 6, 2023. Key findings are as follows: 

  • The net number of homebuyer assistance programs is up. The total number of programs increased by 42 in Q4 2022. Among them were five nationwide or multi-state programs and seven statewide programs. 
  • Support for first-time homebuyers increased. The number of programs dedicated to supporting first-time homebuyers now totals 1,315, up from 1,291 in Q3 2022. 
  • Support for multifamily homebuyers increased. Programs that support multifamily homeownership saw a 5.5% increase over Q3 2022. These programs now make up 29.3% of all homebuyer assistance offerings. 

“While economic roadblocks caused the percentage of programs actively receiving funding to decrease marginally in Q4, homebuyer assistance still saw steady growth in 2022,” said DPR CEO Rob Chrane. “Until home prices and mortgage rates decline and the housing market recovers, down payment assistance will be a crucial source of financial support for homebuyers that lack the savings to cover an inflated down payment.” 

Click here to see all of DPR’s findings. Click here to see available programs state-by-state. 

About Author: Kyle G. Horst

Kyle Horst
Kyle G. Horst is a reporter for DS News and MReport. A graduate of the University of Texas at Tyler, he has worked for a number of daily, weekly, and monthly publications in South Dakota and Texas. With more than 10 years of experience in community journalism, he has won a number of state, national, and international awards for his writing and photography. He most recently worked as editor of Community Impact Newspaper covering a number of Dallas-Ft. Worth communities on a hyperlocal level. Contact Kyle G. at [email protected].

Check Also

Survey: Homeownership Remains Elusive for Baby Boomer Renters

A recent look into housing affordability by NeighborWorks America has found that three in five long-term baby boomer renters feel homeownership remains unattainable.