|June 28, 2018|
|Redfin Survey: 36% of Millennial Homebuyers Took a Second Job to Save for Down Payment; 10% Sold Cryptocurrency|
In March, Redfin commissioned a survey of 2,000 U.S. residents who planned to buy or sell a primary residence in the next 12 months. Redfin's latest analysis focuses on the more than 500 respondents between the agents of 24 and 38 who said they planned to buy their first home in the coming year.
Fifty percent cited having enough money for a down payment as their top concern about buying a home, followed by affording a home in their preferred location (45%) and rising home prices (41%).
Aside from the 69 percent who saved directly from paychecks, millennials used several tactics and sources to accumulate the money needed for a down payment on their first home. Thirty-six percent used earnings from a second job, 13 percent pulled money out of retirement funds early and 10 percent sold cryptocurrency. Some were lucky enough to have received a cash gift from their family (24%) or an inheritance (12%).
When broken down by household income levels, there were some notable differences in how millennials achieved a down payment. Millennials in households earning more than
"For millennials who have launched their careers while working to pay off student loans in the last decade, having enough to set aside toward a down payment would have been a significant accomplishment," said
To afford a mortgage, 65 percent of millennials who intend to buy their first home this year plan to take some action, aside from just paying from their regular paychecks:
Again, there were some surprises in the responses when broken down by income. Lower-income millennials were more likely than those earning more than
To read the full report, complete with charts showing more data breakdowns, please visit: https://www.redfin.com/blog/2018/06/redfin-survey-36-of-millennial-homebuyers-took-a-second-job-to-save-for-down-payment-10-sold-cryptocurrency.html.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the
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