4 Ways To Boost Your Income by $50 a Day and Save for a House in 2 Years
Written by
Martin Dasko
Edited by
Amen Oyiboke
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According to the National Association of Realtors (NAR) 2024 Profile of Home Buyers and Sellers report, the median age for a first-time homebuyer reached an all-time high of 38. The report noted that in the 1980s, the typical age for a first-time homebuyer was in their late 20s. Another surprising statistic from the report was that the share of first-time homebuyers dropped to 24% in the past year, the lowest figure since NAR started gathering data in 1981.
With housing getting more expensive, Americans are waiting longer to enter the real estate market. This is why it’s more important than ever to start some sort of a side hustle that will help you save up for a down payment if you want to buy a home. In this article, we will explore the various side gigs that can help you boost your daily income to save up for a down payment, along with the timeline.
Here are four ways to boost your income by $50 daily to save for a house down payment in two years.
How You Can Increase Your Income By $50 a Day
The good news is that there are numerous ways to increase your income to buy a home. For the sake of this article, we will assume that you can only make an average of $50 daily.
Tap Into The Gig Economy
“Apps like DoorDash, Uber, or TaskRabbit can help people earn $50 or more in just a few hours of work,” said Bubba Peek, a real estate investor and founder of Bubba Land Company. “For example, completing a handful of food deliveries or helping with small home improvement tasks can quickly add up.”
According to ZipRecruiter, TaskRabbit’s average hourly wage is $18, but your pay will depend on the type of work you perform. This means that a few gigs per day or a project on the weekend could help you boost your daily income by $50 or so.
Freelance Work
“Skills like writing, graphic design, or even proofreading can be monetized on platforms like Fiverr or Upwork,” said Peek. It’s worth noting that a single freelance project that you complete on a weekend could easily hit the daily goal. For example, you could earn an average of around $48 per hour if you have design skills.
Look Into Dog Walking/Pet Sitting
You can make up to $40 per hour as a dog walker on an app like Rover, so you could make $50 or so in two hours. The good news is that you can also get paid for house-sitting and dog boarding, which compensates you much more. You could earn much more if you’re willing to host a few pets over the weekend or if you do check-ins.
Sell Crafts on Etsy
According to ZipRecruiter, you can earn around $46 per hour as an Etsy shop owner. The amount you earn will depend on the products you list and how well they do for you. However, the goal is to test out various side hustles until you find something that pays you about $50 per day on average.
How Long Will It Take To Save For a Down Payment?
According to Zillow, the average home price in the United States is currently at $359,099, an increase of 2.6% annually. To simplify it, we will use the $360,000 figure and look at a 10% and 20% down payment option.
Here’s how long it will take you to save up for a down payment for the average home if you’re starting from scratch today.
10% Down Payment Savings
A 10% down payment means that you’ll want to save $36,000. If you earn $50 daily for your new side gig, saving up this amount would take 720 days, just under two years.
20% Down Payment Savings
A 20% down payment means that you’ll want to save up to $72,000. If you earn an extra $50 daily, it would take you 1,440 days to save up 20%, which is just under four years.
Saving For Your Down Payment
“The timeline can be shortened with additional strategies like cutting expenses, using cash-back apps, or utilizing government programs [like] FHA loans, for example, allow[s] for lower down payments,” shared Peek.
It’s worth pointing out that this scenario assumes you have no money saved and will only be earning $50 daily. Since it’s challenging to find a one-size-fits-all solution, there’s a chance that you could boost your income even higher. For example, your Etsy shop or freelancing business could take off and help you save that down payment much quicker.
“Saving $50 daily doesn’t just help build a down payment–it builds confidence. These small, consistent efforts show aspiring homeowners that their dreams are within reach, one day at a time,” Peek concluded.
You can swap these numbers for figures that make more sense for your situation. For example, you may find that you can make an extra $100 daily from freelance projects, which would cut the timeline in half. You may also find a home for a cheaper price or consider alternative housing options like renting out a room on Airbnb to help cover your expenses.
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