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How to secure a down payment – are side hustles the way to go?

“Every dollar you earn in your spare time through a side hustle or part-time job could go toward a down payment,” the self-described “mortgage mentor” said. The value of a side job is heightened given higher costs spurred by inflation, she said.

“With the average down payment and closing costs around $20,000, how does the average person save up enough when everything is costing more due to inflation?” she asked rhetorically. “While some programs don’t require down payment or you may be able to get down payment assistance, most buyers need at least 5% for their down payment and closing costs.”

Enter: The side hustle. “What about turning your spare time into a down payment on a new home? With a part-time job or side hustle you can do just that. Whether you’re working evenings, weekends or just a few hours here and there, every extra dollar that you earn gets you closer to your goal of being a homeowner.”

Uncertain times all but require side income, broker suggests

Nguyen sees the value of extra income as a buffer against the vicissitudes of time. “Having multiple income streams allows you to have a backup plan in case something happens,” she said, noting the layoff waves that have swept over multiple industries, most notably the tech sector. “You need some sort of backup plan to not only ride through the wave but also to help you qualify for properties in case something happens to your job.”

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