A new report states that 72 percent of millennial homebuyers are saving right out of their paychecks for a home purchase, which is an increase from 2018 when that number was 69 percent.
The survey included responses from over 500 people in the millennial age range. Economists point to the lowest rate of unemployment since 2000 as part of the reason for millennials being able to save more.
For those looking to save in other ways outside of their direct paycheck, here are some other options:
- Analyze your insurance policies – If are paying for insurance for vehicles you may be able to get a discount on some of those policies. Speak to your insurance representative about your options.
- Shop Differently – Try to avoid purchasing items at stores that are impulse buys. Rather, stick to things you set out to buy because you need them.
- Cook More – Try to cook at home more instead of going out to dinner. It may be a little more time consuming, but it will provide a boost to your savings account at the same time.
- Consider Getting Rid of Cable – With the amount of streaming TV options now available, consider canceling your cable subscription. This would allow for consistent savings on a monthly basis.
- Follow a Budget – If you aren’t currently following a budget, try to work on putting one together and stick to it. The more you can see where your money is going on a monthly basis, the more you are able to appropriately make cuts where there is room.
Remember, not all home loans require a substantial down payment. There are a variety of home loan programs that don’t require a 20 percent down payment. If you have any questions about getting a home loan in the Fort Collins area, contact us and one of our mortgage consultants can explain all of the details.