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    Will Your Side Hustle Buy You A House This Year?

    There are many different approaches to saving up to purchase a home, but were you aware that most Millennials (69% according...

    • Juan Murray
    • January 27th, 2019
    • 3 min read

    There are many different approaches to saving up to purchase a home, but were you aware that most Millennials (69% according to Redfin) saved directly from their paychecks. The remaining 31% percent of Millennials saved in a variety of ways, including picking up a second job, taking money from their 401K early, or selling cryptocurrency. 

    To some, this is a crazy statistic. So the remaining question is, will having a "Side Hustle" allow you to save up for a down payment on a home? 

    We're to help break that down for you.

    Among the above, 3 Unique Sources of Meeting their Goal

    Many Millennials don't save at all, but the ones that are interested in purchasing a home in 2019 are. They are doing so in a variety of ways though. Check out the graph above that breaks down the main sources of saving by Millennials.

    1. Selling Stock

    This is a big one for Millennials. They usually don't hold a lot of stock and if they do it's only been for a short period of time. So, in fact, if you did have some stock and were able to make some money on it you could be among the 20% of households that were making less than $100,000 to save up for a down payment! 

    2. Selling Cryptocurrency 

    With the majority of people being fairly new to the idea of Cryptocurrency, it's a unique way to approach saving up for a downpayment on a home. 16% of millennials were selling Cryptocurrency to come up with the necessary funds or at least begin the saving process. 

    3. Uber 

    Lyft and Uber have been huge game changers for how people get around town, but I bet you didn't expect is was a source of income for people saving for a home. 15% of people saving for a home, according to a Redfin study are using this method! 

    So, is it possible?

    The ability to sell stock, cryptocurrency, or drive for a lift service is easier than ever nowadays. You can do it all pretty much from an app on your phone! So the answer YES. If you take the necessary steps and want to purchase a home in 2019, just know there are plenty of ways to do so. There are plenty of concerns that also come up with purchasing a home, and Redfin was able to show that in the chart below! Many Millennials just need to be educated about the process and that's where we are here to help!

     

    Ready to learn more about Homebuying? 

    Our team is ready to help.

    Get Started

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    About the author

    Juan Murray

    (617) 721-0961
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    Juan got his start in the residential real estate market in 1994 and has never looked back. His mission is to provide excellence to his clients, and he is always looking for ways to improve the real estate experience for his clients and colleagues in the industry. Early in his real estate career, he worked as the Housing Rehabilitation Director for a national non-profit organization, Neighborhood Assistance Corporation of America (NACA). His goal was to gain more knowledge of the construction and renovation of existing homes in conjunction with working with 1st-time buyers. He effectively managed over 25 residential construction project managers on the East & West coasts while implementing procedures to improve communication between contractors, property owners, and banking representatives. He also developed resources, designed processes, and organized all aspects of real estate property acquisition and renovation. Juan completed a home inspector licensing course on his way to becoming a licensed home inspector. But after completing 30 inspections as an apprentice observer, after crawling under numerous porches and “crawl spaces,” he decided it wasn’t his cup of tea. Juan has always had a sharp eye for market trends and an innate understanding of what his clients need. That’s why, as a top real estate agent in Boston, he is constantly ahead of the curve, anticipating changes in the market and helping his clients manage their real estate goals. His keen intellect, quick wit, and tireless work ethic make him an invaluable partner for anyone looking to buy or sell property in the Boston area (or via his referral partners worldwide). Although Real Estate is a large part of his life, it is not the only part. He loves hanging out with family and friends, being in the kitchen, enjoying great food, anything Apple or Cole Haan, gadgets, great cigars, F1, motorcycles, photography, and traveling (to name a few). He lives with integrity and tries not to take life too seriously.

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    Juan Real Estate Group

    Juan Real Estate Group

    769 Centre St, Suite 209, Jamaica Plain, MA 02130

    769 Centre St, Suite 209, Jamaica Plain, MA 02130

    Call Us:

    (978) 581.0801

    Message Us:

    [email protected]

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