Most Millennials are funding their down payment by saving up money from their paychecks. The next largest share, 25 percent, are working a second job to save for their home's purchase.
The results come from March survey data of Millennials who plan to buy a home within the next 12 months; Redfin's analysis says that these homebuyer hopefuls are less reliant on non-traditional funding methods, likely due to the fact that wage growth rose to a 10-year high in February following years of home price appreciation eclipsing wage growth.
The findings in this report are based on the over 500 respondents to the survey who were born between 1981 and 1996, the generation commonly known as “Millennials.” We compare the results with those from a similar survey we commissioned in March 2018. Both surveys asked all first-time homebuyers the question “How did you accumulate the money you need for a down payment? Select all that apply.”
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