First American News LLC, Raleigh NC: Even amid soaring house prices, high inflation and endless investment opportunities, saving for a home means parking money in cash savings.
Millennials have aged into home-buying territory. Last year, we made up the largest demographic of house buyers, according to the National Association of Realtors. Elder Millennials, or those born between 1980 and 1989, accounted for 23% of buyers in 2021, while younger Millennials, those born between 1990 and 1998, were 14% of buyers.
So it’s no wonder why I’m often asked about how one should save for a down payment on a house. In fact, this was the most common financial goal for 2022 among my Instagram followers
But should millennials actually be keeping funds sitting in a cash bank account? Even when house prices are soaring and when there are other ways to build wealth? In most cases, yes.