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, let’s get together to help you determine what priced home you can afford and what size down payment you’ll need.
Hi, I am Chrysti. I am a Fair Oaks based REALTOR® and Real Estate Advisor who believes real estate works best when it feels human, calm, and supported. If you like a big sister energy kind of guide, you and I will get along just fine.
I have lived in the Sacramento and Placer foothill communities for more than three decades, and I care deeply about the people and stories here. I created I Love Fair Oaks because this town has a heartbeat, and I wanted a place to celebrate it. That work spills naturally into real estate because helping people move through life with clarity and confidence is what I love most.
My background includes real estate, mortgages, title, photography, design, and marketing. All of that helps me protect my clients and make the process feel as smooth as possible. When things get confusing, I explain. When things get stressful, I steady the room. When you need someone in your corner, I am right there with you.
I serve Fair Oaks, Orangevale, Carmichael, Gold River, Folsom, Granite Bay, Roseville, Rocklin, and the foothill communities that surround them. If you are planning a move or exploring what is next, I am here to help you find your way.
Contact916 320 2663c@chrystitovani.comCA DRE 01118449eXp Realty of California
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