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Will Your Side Hustle Buy You A House This Year?

Posted by David E. DeChant on Wednesday, November 21st, 2018 at 8:56am.

The top concern for most first-time home buyers is their ability to save for a down payment. According to a new survey, 36% of millennials took on a second job to make their dreams of homeownership a reality in 2017.

Among millennials with incomes over $100,000 a year, the top ways to come up with the necessary funds were to sell stocks (20%) or to sell cryptocurrency (16%).

The most popular method of savings was the most traditional; 60% of those saving for a down payment used a percentage of their paychecks to achieve their goal, while 75% of those with salaries over $100k were able to save this way.

For those who have not yet begun to save for their down payment, 32% plan on pursuing additional employment, while 15% plan on driving for a ride-share service as their second job.

Many first-time buyers are mistaken about the down payment needed in today’s real estate market. In fact,

“In a 2017 survey, 68% of renters cited saving for a down payment as an obstacle to homeownership. Thirty-nine percent of renters believe that more than 20% is needed for a down payment and many renters are unaware of low-down payment programs.”

The many benefits of homeownership make the extra jobs, sacrificing new clothes, or skipping vacations well worth it.

Bottom Line

If you have been saving for your down payment for a while now and are curious how much further you have to go, meet with a local real estate professional who can help you determine what priced home you can afford and what size down payment you’ll need.

 

Source: https://www.keepingcurrentmatters.com/2018/11/21/will-your-side-hustle-buy-you-a-house-this-year/ 

3 Responses to "Will Your Side Hustle Buy You A House This Year?"

Existing Home Sales Slowed By A Lack Of Listings [INFOGRAPHIC] wrote: [...]Links

Will Your Side Hustle Buy You A House This Year?
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Posted on Monday, November 26th, 2018 at 2:50pm.

Buyers: Don’t Be Surprised By Closing Costs! wrote: [...]Links

Existing Home Sales Slowed By A Lack Of Listings [INFOGRAPHIC]
Will Your Side Hustle Buy You A House This Year?
Females Are Making It A Priority To Invest In Real Estate!




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Posted on Monday, November 26th, 2018 at 2:57pm.

The #1 Reason to Not Wait Until Spring to Sell Your House wrote: [...]Costs!
Existing Home Sales Slowed By A Lack Of Listings [INFOGRAPHIC]
Will Your Side Hustle Buy You A House This Year?




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Posted on Monday, December 3rd, 2018 at 11:45am.

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