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Will Your Side Hustle Buy You a House This Year?

Wednesday, November 21, 2018   /   by Carlyn Voges

Will Your Side Hustle Buy You a House This Year?

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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.


Keller Williams Greater Downtown Realty
The Mountain Girls
202 Manufacturers Road
Chattanooga, TN 37405
423-228-0229
423-664-1350
Angela Sherlin
Branch Manager
NMLS # 178862
GA# 31563
6148 Lee Highway Suite 101
Chattanooga, TN 37421
Branch NMLS# 1518270.
(423) 421-7900

© 2018 CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS# 1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender, Georgia Residential Mortgage Licensee #15438. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and www.nmlsconsumeraccess.org.
Information is provided exclusively for consumers’ personal use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Data is deemed reliable, but is not guaranteed accurate by the MLS.
Last updated December 15, 2018 Copyright © 2018

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