36% of Millennial Homebuyers Took 2nd Job to Save for Down Payment

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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. “

Click here to read the full report on Redfin.

 

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Director of Education & Outreach, National Real Estate Investors Association

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