Millennials – those in the 19-35 age range – have been slow to enter the home buying market.
Underemployment, student loan debts, tight credit and the difficulty of saving for a down payment are some of the reasons.
But with the giving season upon us, now could be a terrific time to let parents, grandparents, aunts and uncles know that you have created a down payment account and would appreciate a small gift deposited to it. In future years, you can host relatives in your home during the holiday season.
Here are four other ways to gradually put together a down payment.
- Start saving. Even if you can only afford to put $50 a week into an account.
- Are you having a birthday? Ask parents, grandparents, aunts and uncles to contribute to your down payment account.
- Is your clutter out of control? Do you have “stuff ” from years long past? Get together with friends, family or neighbours and have a sale. Proceeds to your down payment account.
- Be your own chef or barista. Cut down on meals and coffees out. You’ll be surprised at how quickly the savings add up.
It may take a few years, but your savings will add up and soon you’ll have a down payment.