" /> Millennial Home Buyers Saving For A Down Payment The Old-Fashioned Way – EastTexasRadio.com
Momentum Polaris Get Outside Now
Sandlin – Find New Roads – It’s All About You Aug 2017
Morrell banner
Access Financial Group
Hess Louisiana Grills Header
Titus Regional Orthopedic Sports Medicine Header
Dane McLamore Header
cypress basin hospice

Millennial Home Buyers Saving For A Down Payment The Old-Fashioned Way

Seventy-two percent of millennial home buyers this year are saving for a down payment directly from their paychecks, up from 69% last year, according to a March survey of 2,000 U.S. homebuyers and sellers commissioned by Redfin. Over 500 respondents born between 1981 and 1996 responded to the survey. Redfin compared the results with those from a similar survey commissioned in March 2018. Redfin asked all first-time homebuyers the question: “How did you accumulate the money you need for a down payment? Select all that apply.” Compared to a year earlier, every category but saving from primary earnings declined:

  • Earnings from a secondary job: 24% down from 36% last year.
  • Cash gift from family: 18%, down from 24%
  • Sold stock investments: 9%, down from 13%
  • Pulled money from a retirement fund early: 7%, down from 13%
  • Contributed less to retirement savings: 6%, down from 12%
  • Inheritance: 6%, down from 12%

It’s also notable that compared to a year ago, the share of millennial respondents who sold cryptocurrency to fund a down payment fell dramatically, from 10% last year to just 3% in 2019. This is likely due to a similarly dramatic decline in the price of the digital asset. In early 2018, Bitcoin, the most popular cryptocurrency, was trading at around $10,000 for one bitcoin. As of this past March, that had fallen to under $4,000.