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Housing: Homebuyers turn to second jobs to afford a down payment

Yahoo Finance Video

Yahoo Finance's Brad Smith discusses extra measures prospective homebuyers are turning to in order to afford housing costs as mortgage rates rise.

Video Transcript

BRAD SMITH: Welcome back, everyone. Home prices across the US are skyrocketing, and they have potential buyers going to extreme lengths to afford their dream home. According to Bank of America's Homebuyer Insight Report, 56% of respondents would consider a second job to cover the cost of a down payment. 31% say that they'd consider selling their belongings to help save up.

And with mortgage rates rising above 5%, purchasing property is becoming even harder. And even though more than half of respondents said saving for a home is a major priority, more than a third said that they wouldn't give up travel or buying new clothes to boost those savings. Rachelle, over to you.