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Millennials Doubling Down To Save For Down Payment On Homes

Millenials saving

According to the NerdWallet’s Home Buyer Report, 82% of millennials say buying a home is a priority—but saving for a down payment can be a challenge. According to a recent article from Redfin, the top concern among first-time millennial home buyers is saving for a down payment. Instead of delaying the process though, this younger generation is just doubling down on their saving efforts.

According to the same article, 36% of millennials have taken on second jobs in order to get the down payment they need faster, while others are delaying retirement savings (12%), selling stocks (13%), or, perhaps most interestingly, selling cryptocurrency investments (10%).

Millennials are leveraging several tactics to save for a down payment because they know it’s the right long-term investment for their future. According to the 2018 Home Buyer Report from NerdWallet, 64% of millennials say they want to buy a home because it’s a good investment, more than any other generation.

The Takeaway

If you’re a millennial (or really, anyone) thinking about buying a home, take a cue from the rest of the generation and double down on your saving efforts.

WANT TO FIND THE HOME OF YOUR DREAMS?

How about doing even better than that and buying it at the best price possible?

Then you should download your free copy of my booklet “The Ultimate Home Buyer’s Guide”.

Most people think finding the home of their dreams just sort of happens…

Like they’ll “know it when they see it,” or it’ll be love at first site. Sometimes that happens. But a lot of times, homebuyers miss out on great homes because they make some really common mistakes.

Finding and actually getting the best house for your wants and needs (let alone at the best possible price!) isn’t as simple as just being in the market, finding it, putting it in a shopping cart, and heading to the checkout.

There’s quite a bit to the process.

My buyer’s guide will demystify the process and give you a no-fluff, in-between-the-lines look at things most buyers either simply ignore, or don’t realize. (Even some agents don’t know some of the things I cover in this booklet.)

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