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.
