It turns out that bitcoin may be helping millennials become homeowners.
About 12% of first-time homebuyers surveyed in the fourth quarter of 2021 cited a cryptocurrency sale in helping them make a down payment, according to Redfin. This is an increase from 8.8% in the third quarter of 2020 and 4.6% in the third quarter of 2019.
Of the buyers surveyed, 52% made a down payment using their take-home pay, 12% used cash gifted from their family, and 10% pulled from a retirement fund. Millennials not only own more cryptocurrency than other generations, but they also account for over half of new mortgages.
“With extra time and a lack of exciting ways to spend money, many people began trading cryptocurrencies during the pandemic,” Redfin Chief Economist Daryl Fairweather said in a statement. “Some of those investments went up in smoke, but others went ‘to the moon,’ or at least rose enough to help fund a down payment on a home.”
This article originally published at https://dc.urbanturf.com/articles/blog/is-cryptocurrency-the-new-down-payment-for-millennials/19124.
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