A recent Redfin survey of 2k U.S. residents (who plan to sell/buy a home in the next 12 months) revealed that 36% of millennial buyers took a 2nd job to save for their down payment. Their report zeroed-in over more 500 respondents between 24 and 38 who said they planned to buy their first home in the coming year. The top concern among first-time millennial homebuyers was having enough money for a down payment (50%), followed by affording a home in their preferred location (45%) and rising home prices (41%).
“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 Sheharyar Bokhari, senior economist at Redfin. “