Will Your Side Hustle Help Buy You a House This Year?

Contrary to some opinions, millennials tend to be very resourceful and not afraid to work hard. It’s not uncommon to hear of them having two jobs or a full-time job with a side business.

I’m a millennial myself – born in 1982 I’m an original millennial – and I have had a side “hustle” for many years as a professional photographer. When Katy and I got married I started saving my photography money to buy her a car. It took years, but we were able to buy with cash.

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.

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, meet with a local real estate professional who can help you determine what priced home you can afford and what size down payment you’ll need.