REALTOR Magazine
Young adults express such a strong desire to own a home that they are willing to take on extra work or make another major sacrifice in order to afford one. Thirty-six percent of millennial home buyers say they’ve taken a second job to save for a down payment, according to a new Redfin survey of about 500 respondents between the ages of 24 and 38 who plan to buy their first home in the coming year.
The top concern among these first-time home buyers is having enough money for a down payment; 50 percent cited it as their number one barrier to homeownership, followed by affording a home in their preferred location (45 percent) and rising home prices (41 percent). Millennials are finding other ways to save for a down payment aside from working multiple jobs. Thirteen percent say they have taken early distributions from their retirement funds, 24 percent say they received a cash gift from family members, and 12 percent say they’ve added inheritance money to their savings.
