Skip to main content

1 out of 10 millennials are selling cryptocurrency to save for first home

One out of every 10 millennials sold cryptocurrency to save for their first home.

Redfin released a new survey exploring how millennials between the ages of 24 and 38 saved for homes. The sale of cryptocurrency, a virtual currency and medium of exchange, was named by 10 percent of millennials as their means to afford an initial down payment on a primary home over the next year, according to the survey, released Thursday.

Courtesy fo Redfin

Digital currencies, the most popular and reputable of which remain Bitcoin and Ethereum but also include numerous cryptocurrencies backed by real estate assets, experienced a leap in value last year. While these investment remains high-risk, new startups are seeking people to put money into cryptocurrencies and the blockchain technologies behind them.

Nonetheless, a majority of millennials still saved for their first home the traditional way — 69 percent put aside portions of a paycheck each month; 36 percent added earnings from a secondary job; and 24 percent received cash from family.

Along with cryptocurrency, four other less popular ways of saving included selling stocks (13 percent), pulling money out of retirement funds early (13 percent), inheritances (12 percent) and contributing less to retirement funds (12 percent).

How to rope in more seller leads with Mega Agent Pro

Outsource seller prospecting and focus on what you do best READ MORE

However, once these saving were analyzed by income level, Redfin discovered larger discrepancies: only 60 percent of those who earned more than $100,000 a year could afford to stash away savings from their paycheck and were instead forced to pull money out of retirement funds or other means, Redfin Senior Economist Sheharyar Bokhari said.

“These results reveal some of the inequalities that have been exacerbated in the years following the recession, with the well-off having more flexibility and thereby ability to become homeowners and build more wealth, through advantages like financial support from family and the opportunity to invest in the stock market,” Bokhari said in a statement.

Email Veronika Bondarenko


1 out of 10 millennials are selling cryptocurrency to save for first home curated from Inman

Comments

Post a Comment

Popular posts from this blog

The Ultimate Guide To Family Law

Introduction The government has always had a fascination with families and the contract of marriage. State legislatures have passed many laws regulating the requirements for getting married and for obtaining a divorce. In addition, today’s laws also affect couples who live together outside of marriage. It is hard to give simple answers to many of the legal questions that a person may have about marriage, parenthood, separation, or divorce because the laws change and vary from one state to another. In addition, judges in different states with identical laws may decide cases with similar facts in different ways. This article describes the laws and court rulings common to most states. If you have other questions, please contact a lawyer in your state. You may also wish to contact a specialist. Many lawyers (particularly in urban areas) work only on family law or make it a large part of their general practice. Lawyers specializing in family law also may refer to themselves as specialist...
Post a Comment
Read more

When And How To Use a Lawyer

Introduction Almost everything we dofrom making a purchase to driving a car, to interacting with others is affected by the law in some way, shape or form. While it often seems hard to live with the law, it would surely be harder to live without it. In our country, the law is, in a real sense, the people’s law. It is part of the democratic heritage of Americans. The availability of the law does, however, reveal a bewildering variety of choices. When do you need a lawyer? When can (or should) you handle a matter on your own? The purpose of this chapter is to help you make the best choices. There are many legal situations that you can and should handle on your own, without the assistance of a lawyer. However, when circumstances and laws are unique, complicated, or confusing, you may need a lawyer’s guidance. You also may need a lawyer’s services when you are so close to a problem that you are unable to see your way through to a proper solution. While this chapter does not examine spec...
Post a Comment
Read more

Connect the ICSF Sessions: Learn how to delight clients at the Marketing Track

How can agents, tech companies and brokerages all move Faster, Better, Together? Learn how this July at Inman Connect San Francisco .  Buy your ticket here , and remember that Select members get a $100 discount . Thinking of bringing your team? There are special onsite perks and discounts when you buy those tickets together too. Just contact us to find out more. Here’s a harsh truth: You can have the best real estate company in the world, offering unparalleled convenience and delighting your clients left and right. But if you don’t know how to market that business, you won’t be in business at all for very long. Marketing is the art of telling customers (and business partners) that you exist and that you’re awesome, and it’s a critical piece of making your real estate business successful. Whether you’re brand new to the world of marketing or you’ve been around long enough to remember spending lots of money on newspaper ads, there’s something for you to learn at the Marketing T...
Post a Comment
Read more