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Will Your Side Hustle Buy You a House This Year?

November 21, 2018 By Kevin Meyer

Will Your Side Hustle Buy You a House This Year? | Simplifying The Market

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.

Source: Kevin Meyer

Filed Under: Buying Myths, Down Payments, First Time Home Buyers, For Buyers, Millennials Tagged With: Blockquotes

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From The Blog

  • Millionaire To Millennials: Don’t Get Stuck Renting A Home… Buy One!
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  • First Comes Love… Then Comes Mortgage? Couples Lead the Way
  • Why Homeownership Matters Now More Than Ever
  • How To List Your Home for the Best Price

Testimonials

“Kevin is fantastic and easy to work with. He explains the process really well and can make sure as buyers that we don’t make any costly mistakes. He has great knowledge of the local areas and found a lot of homes that fit my criteria.”

– Kiran B.

“I just used Kevin to sell my home and buy another and he did an absolute masterful job. I’ve been fortunate enough to have done several real estate transactions in the past 10 years and he is without question the best realtor I have ever worked with and provided a TON of value to my wife and I. There is no doubt that Kevin will be my go-to realtor from now on and I will recommend him to anyone I possibly can”

– Amit S

“Kevin is extremely knowledgable in the real estate industry! He is extremely professional and did an excellent job negotiating on my behalf. I strongly recommend using Kevin for your buying or selling needs!”

– Sharon M

“Our home was listed and sold within one day. The experience of working with Kevin Meyer was fantastic. He was very knowledgeable in all areas of listing, showing and completing the sale. We would definitely recommend Kevin Meyer to anyone selling their home.”

– Darrell P

“What more can I say, outstanding realtor. My husband and I highly recommend Kevin”

– Kai S

“He has great market knowledge and was very helpful in educating us on the local real estate landscape. I am so impressed with Kevin and strongly recommend him to anyone looking for a home in the greater Seattle area.”

– Gretchen V

I wouldn't hesitate for a second to recommend Kevin to a friend or family member. He was amazing to work with. Our real estate experience was phenomenal!
Steven H.

With over 13 years in sales and marketing throughout the Eastside and Seattle, Kevin is an expert in real estate for our marketplace. Kevin prides himself on his results focused work ethic and ability to facilitate transactions; his extraordinary customer service ensures that he over-delivers against his clients expectations. Read More…

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