NOTEBOOK – ONE GOOD READ: How far would you go to buy a home?
MICHAEL CRUMB May 2, 2022 | 4:13 pm
1 min read time
227 wordsAll Latest News, Housing, Real Estate and DevelopmentWhat would you do to buy the home of your dreams? For many Americans, they would consider taking a second job to help save for a down payment. For others, they would consider taking more extreme measures, such as selling their belongings or starting an online store, according to a new survey published in this article from Bloomberg. The housing market has been soaring for the past few years, leaving many first-time buyers on the sidelines. Now, as interest rates rise, it’s becoming even more difficult. A survey released last week by Bank of America showed that high home prices and higher interest rates are among the reasons cited by first-time home buyers for delaying a purchase. More than half of the 2,000 people surveyed said they would consider taking on a second job to help save for a down payment, with about one-third saying they would consider opening an online store to raise money. “There are now new and more creative ways to accelerate savings by doing side hustles,” said Matt Vernon, head of retail lending for Bank of America. While saving for a home was important, there are some things prospective homeowners said they won’t give up. More than a third said they wouldn’t buy fewer clothes or travel less, and 15% said they wouldn’t forgo visits to a salon or getting a massage.