Extra US First-Time Homebuyers Promote Crypto For Down Fee

Some 12% of US first-time homebuyers surveyed within the fourth quarter of final yr mentioned that promoting cryptocurrency helped them save for a down cost — up from 9% within the third quarter of 2020, in line with a survey by US actual property itemizing supplier Redfin.

The Redfin-commissioned survey included some 1,500 American residents who mentioned they deliberate to purchase or promote a house within the following 12 months. Carried out by analysis expertise firm Lucid from December 10 to December 13, 2021, the survey targeted on 215 of the 1,500 respondents who indicated they have been planning to purchase their first house within the subsequent yr. 

“With further time and an absence of thrilling methods to spend cash, many individuals started buying and selling cryptocurrencies throughout the pandemic,” mentioned Daryl Fairweather, Chief Economist at Redfin.

Fairweather mentioned that part of these investments “went up in smoke,” whereas others jumped “to the moon” or not less than sufficient to assist fund a down cost on a house.

Primarily based on its analysis of the US actual property market, the corporate estimated that, in response to surging house costs that result in bigger down funds, a rising phase of consumers search for non-traditional methods to cowl the price of shopping for actual property and compete with different bidders. 

Final month, Redfin mentioned that the median house sale value within the US elevated by 14.6% year-on-year to a brand new all-time excessive of USD 361,171 throughout the four-week interval ending December 26.

“Crypto is a method for individuals with out generational wealth to win a lottery ticket to the center class,” concluded the agency’s chief economist. 

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