In a recent research, Fannie Mae in its third-quarter National Housing Survey® revealed very interesting details about Gig Economy workers. According to the survey, it is most likely that gig economy workers will consider buying a home compared to non-gig economy workers.
The survey found that nearly one-fifth of American adults have provided a service through the gig economy. At the same time, while gig economy workers are generally more optimistic about their financial position overall and aspire to own a home, those of then who rent are less optimistic than others and are not considering a new home on their next move.
Who are Gig Economy Workers?
This worker group includes those workers who are part of ride sharing, accommodation sharing and other services known as the gig economy. They generally have full-time employment and are college educated. Most of them use the gig economy to supplement their income and earns about $50,000 or more annually.
Most gig economy workers offer ride sharing and handyman or babysitting services, while a quarter of them are into accommodation sharing and food delivery services. Entrepreneurship motivates them which in turn creates a mindset of a positive financial outlook compared to others.
Fannie Mae’s Findings on Gig Economy Workers
Here are some of the findings of Fannie Mae which will surely interest mortgage brokers and lenders:
- Gig economy workers who rent are about as likely as other renters to prefer homeownership to renting.
- Most of those who rent think it would be difficult to get a mortgage. They cite down payment and credit as the biggest obstacles to getting one.
- The vast majority of those who rent expect to buy a home at some point in the future.
It is clearly evident that despite their eagerness to own a home there are still some hurdles for them. They view buying a home as a long-term investment. Most of them are intimidated by the current market condition and regulations. These findings however are very beneficial in order to consider ways to welcome the gig economy workers.
If you are part of the Gig Economy workers and want an advise on how to get the best mortgage, then CONTACT US. We will help you realize your dream home.
Source and Reference: Fannie Mae